Tax

The two B’s: Budget and Black Money

The issue of the black money is growing day by day whereas on the other hand there are high level meetings for the budget session. The most effective challenge before the Indian Government will be to tackle both of them at a same time. The most prominent thing that is to be noted is that the Govt. has promised to declare the names of the account holders before the Indian citizens. But thats not enough of it, the masses are aggrieved of the high rates of inflation especially, the prices of petrol. Therefore I consider that the two B’s: Budget and Black Money are both important and co-related issues that the government has to tackle as early as possible.
Today the Hon’ble Supreme Court of India has said that Government has issued notices to those who have account in the Swiss as well as the German Bank. The government by taking up the issue of black money has effectively showed that its enough of the drain of India’s wealth outside and that is seriously affecting our economy. Further by arrest of A. Raja can also be related to this that the government is now showing up the ‘responsibility’ of holding the centre. No matter whatever be the scam and scandal, mostly Congress leaders are now found to be involved in it. Just due to some political and legal reasons the Government was not able to declare the names of the account holders in front of public. But now it has promised to do so, what will happen they only know (as no one keeps faith in the government today). Also it has been seen that black money in the form of bribes has adversely affected our FDI growth as the international companies have lost in the legal procedure of the government. Only the main 11 public services have accounted for a bribe of about Rs. 22,000 crores !
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Online tax filing in India (use of modern technology)

One always thinks of the Government as being slow, not able to catch onto the latest technology trends, and using old procedures. However, this is not always true, and the Government has been able to surprise us many times by showing its ability to adopt some of the newer technologies, and at the same time, do so with the required safe-guards. So, first we had the railways ticket booking website, http://irctc.co.in, and then we have the Tax Authority of the country trying to use all modern trends for tax filing. So, if you refer to the website (link) for Income Tax India, you will be able to download forms, and read more about details related to your tax filing. The website even has a very basic Tax calculator (link)
The entire procedure for paying tax online is initiated at this link (link), with a more detailed explanation about how to find list of banks, making payment and challan details, getting receipt / confirmation, etc available at these 2 documents (link 1, link 2). If you prefer to pay online with some more help, then there are various 3rd parties that can help you with the payment process (you can fill in a simple filing, or opt for a higher package if you have more sources of income besides a simple Form 16, and some of them even give an option of walking into their office and filing in the details). Here are the links to these sites:

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