Income tax return
Income tax return is the portion of your income that goes to the government during your employment tenure. Income tax applicable on all sorts of income generated from all sources other than exempted categories. You may be an employee working for an organization or running a business, income tax is applicable as per income tax slabs applicable.
What is income tax return and why government collects income tax
Government collects income tax to provide common or shared services required by citizen of a country. For example, you don’t build road and bridges outside your house. It is done by government via money collected from individuals in the form of income tax
What government does with tax money?
What government does with tax money is a question that everyone should ask and get answer. As we do planning for our family that includes building a house, education expenses, security arrangements etc. government does this on a broader scale because the whole country is their family and they have to plan and run it. Here is a list of some areas where amount collected from you is used.
Creating and maintaining infrastructure like rail and road network
Creating government hospitals due to which we get free treatments
Taking care of security of the country
Ensuring better education for citizen
Increasing employment opportunities
Ensuring individual safety when you go out of home
Research & development of new technology
Conflict resolution (legal structure)
Government manages public transport and works on making it better than before