Why people fear Income Tax?
A large portion of the people seems to derive fear, apprehend and panic from submitting income tax. As they have few studies on the contents of income tax, this is why, taxpayers found it complex. There are little seminars and workshops on income tax to create awareness and encouraging people to pay taxes .Nor do appropriate tax institutions where people come across sufficient knowledge or solution on tax submit returns to escape their fear, with the goal of increasing income tax submits. The revenue authority that is held responsible doing their routine work display freedom what the common mass says is the non-cooperative attitude or mood to the people by extending tax related assistance. And lack of acquaintance with the importance of excise, recommend the existing and potential taxpayers, they affect insensible of their tax submit returns. Had they conceived about the income tax, they willingly would have come forward to provide tax on their returns. A nation must have to rely on revenue in carrying on its activities, pay salaries and remunerations to their staffs, develop in fractures and provide facilities and benefits to the underprivileged section. So, Income tax is called the moral fiber of a country.
It is a sacred duty of a potential taxpayer to submit its tax on their income .The government has done income tax system simple as much necessary as it could. If the people knew that, they had felt desired to pay their return enthusiastically. The government determines an income tax limit suppose Tk.3 lakh if one see ones income crosses that amount, he should be made to offer an income tax returns. Here it is mentioned that, revenue authority has made an excellent structure in the tax system for the taxpayers, if one tax payer makes investment in the shares, debentures and government bonds, he will have to be made to exempt a fixed amount of tax on his returns. Assume one has to pay Tk. 50,000/= as income tax while he has an investment Tk. 2 lakh in the government bonds, debentures and shares. 15% interest on that amount is Tk.30, 000 therefore he must pay returns Tk. 20,000/= (50,000-30,000). Given this a wonderful gift for a potential taxpayer, they would feel encourage submitting their return as they are to get double benefits - one is interest from their investment another is tax exemption on their savings. Thus, government will discover more investment from general people enabling the nation to go ahead with the asset.
It is simply learns that a good number of people are not conveying their return to the revenue authority with the several reasons mainly which are ignorance and fear from demeanor of the tax officials. What is important to remove fear of the common people is that revenue authority is to arrange tax fair in every big city at least for one week in which potential tax payers find every help and facility to submit their return. This show turn out to be a teaching center where one tax payer fill up his return and if he faces instant problems which might be solved from the help desk of the tax authority at the center immediately, removing fear and grow confidence to the potential tax payers. These arrangements will bring more tax payers on the coming days and submit more fund to the government revenue vault.
It is a sacred duty of a potential taxpayer to submit its tax on their income .The government has done income tax system simple as much necessary as it could. If the people knew that, they had felt desired to pay their return enthusiastically. The government determines an income tax limit suppose Tk.3 lakh if one see ones income crosses that amount, he should be made to offer an income tax returns. Here it is mentioned that, revenue authority has made an excellent structure in the tax system for the taxpayers, if one tax payer makes investment in the shares, debentures and government bonds, he will have to be made to exempt a fixed amount of tax on his returns. Assume one has to pay Tk. 50,000/= as income tax while he has an investment Tk. 2 lakh in the government bonds, debentures and shares. 15% interest on that amount is Tk.30, 000 therefore he must pay returns Tk. 20,000/= (50,000-30,000). Given this a wonderful gift for a potential taxpayer, they would feel encourage submitting their return as they are to get double benefits - one is interest from their investment another is tax exemption on their savings. Thus, government will discover more investment from general people enabling the nation to go ahead with the asset.
It is simply learns that a good number of people are not conveying their return to the revenue authority with the several reasons mainly which are ignorance and fear from demeanor of the tax officials. What is important to remove fear of the common people is that revenue authority is to arrange tax fair in every big city at least for one week in which potential tax payers find every help and facility to submit their return. This show turn out to be a teaching center where one tax payer fill up his return and if he faces instant problems which might be solved from the help desk of the tax authority at the center immediately, removing fear and grow confidence to the potential tax payers. These arrangements will bring more tax payers on the coming days and submit more fund to the government revenue vault.
