TAX

The payment of tax is beneficial on multiple levels including the development of nation, betterment of infrastructure, the upliftment of the society, and even for welfare activities for the nation.

What is Tax?

Taxes are levied by governments on their citizens to generate income for undertaking projects to boost the economy of the country and to raise the standard of living of its citizens. The authority of the government to levy tax in India is derived from the Constitution of India, which allocates the power to levy taxes to the Central and State governments. All taxes levied within India need to be backed by an accompanying law passed by the Parliament or the State Legislature.

Advantages of Paying Taxes: 

The advantages of paying taxes are manifold. Mentioned below are some of the benefits of paying taxes. 

• Development of the nation: The proceedings from tax collection are used to fund the plans for the development of the country. It is also spent on the protection of the nation. 
• Welfare activities: The money collected in the form of tax is used for different welfare activities. 
• Betterment of infrastructure: The collected tax money is utilised for the betterment of infrastructure facilities. 
• Upliftment of the society: The money sourced from tax collections are also used for the upliftment of the society.