| Topic : Income Tax Efiling |
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Activity:
Question posted: 07 06 2009 14:01:41 +0000,
3 answers, 792 views, last activity
07 06 2010 20:18:08 +0000
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What is INCOME TAX? What is happening with this hard earned money paid by an Indian? Why we need to pay ROAD TAX, VAT & TOLL TAX etc. after paying INCOME TAX. Are a Middle class Indian is getting advantages of TAX he/she is paying? Is there any Public announcement from Indian Govt. of total TAX collecated & spending accounts?
Income Tax is the tax levied on the Income earned by an individual or a company. The tax is a major source of revenue for the government. The other set of Taxes are the indirect taxes like sales tax, service tax, etc,
The tax collected by the government is used for the various spending by the government, instance for infrastructure, education , healthcare , etc. The centeral government also distributes funds to the state governments from the same funds. The accounts of the government is given in the Budget only, what taxes are collected and what spending is done.
The details of the funds spend by the government can be known form The Controller General of Accounts of India: www.cga.nic.in.
We get benefit of the tax we pay, more tax we pay the more funds the government has to spend for the country...
Innorder to finance the requirements of the Government, government formulated revenue generating measures, out of several such mesures tax is one amoung them, generation of tax revenue has got more important compared to other sources. Every year Government forms its budjet of expenses and investments in line with income/source for such investments or expenses as the case may be. Tax revenue is divided in to two, that is direct tax and Indirect tax, direct tax further divided in to several and one amoung them is Income Tax for which we have specific enactment from parliment, our pre-independent Income Tax Act was enacted in 1922 and later it was again enacted as post independent in 1962.
Present Income Tax Act, 1962 is now prevailing for collecting tax to the Government, as per this law income tax is the tax on income of any person computed taking in to account all the provisions of this Act.
The answer is in the question itself on what is Income Tax?... but what is happening with this TAX that the government is collecting is what is important, as there is no proper utilization of this money...i think there should be transperency in how the Tax payers money is being used, everything should be made accountable for...such that people are knowing where the money is going and for what....but the recent Mayawati issue where we saw 10,000 crores of people's money was used to construct parks and their statues, which received flak from all over the country, but if these incidents are happening again and again, people will lose faith in the government system....It should be made mandatory to show all the details of how the money was used to the public of the country.
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