Importance of Reading Income Tax News
As respectable citizens of the country, it should be the endeavour of every individual to pay their taxes to the government. One of the most important taxes that people are required to pay to the government is income tax, wherein a portion of their income is given to the government in the form of taxation. As you give away your hard earned money to the government, you should be aware about the latest income tax news.
Importance of staying updated
There are many reasons for which you should stay updated with the latest income tax news. Some of the reasons are as follows:
It helps you to know about the new policies of the government.
It helps to plan your finances better as you get a clear idea about how much income tax would get deducted from your paycheck at the end of the month or at the end of the financial year.
It helps you to learn about the different investment options and the risks associated with them.
It helps you file your income tax returns on time and avoid getting marked as a defaulter.
It gives you the confidence and sense of pride that you are doing your duties as a responsible citizen by paying the correct amount of money to your government in the form of income tax.
When the country is going through a revolutionary economic transformation, it is very important that you keep yourself updated with the relevant news regarding demonetization and income tax. That will help you understand the stance of the government towards non-tax payers or towards the population which has been impacted by the aftermath of the demonetization process.
Various sources of income tax news
A common problem with most people is that they depend on the newspapers to get updates about any modification in the tax laws. While newspapers are certainly one of the most reliable sources of getting the news, they may not put forward all the news related to income tax. It is thus important that you get subscribed to the newsletters of financial websites that will keep you posted on all the latest developments regarding addition or modification of any clause(s) in any of the laws related to income tax.
If you surf the internet, you would probably find hundreds of websites who would provide the latest income tax news to you. However, what you need to see is whether these sites are regularly updated or not. You would certainly not want to be fed with news that no longer holds any importance in the financial arena.
To stay updated with Rules and Regulations related to Income Tax Law, you should read the news, Articles, Notifications, Circulars and Judgments etc. on a regular basis, which will help you in taking informed decisions.