Saturday, July 29, 2017

BIS #5170 DON¹T LET TAX, TAX YOU

by Himshweta Dubey 

 

MUMBAI, JULY 29, 2017: Do taxes tax you? What is the difference between sales and income tax? Why are taxes important? Students of St.Joseph's High School, Wadala, found the answer to these questions and much more tax-related trivia in a seminar on taxes, conducted by income tax officer, B Kamath, on July 24.

 

Kamath began by looking at the history of the Indian taxation system, before discussing why it is mandatory for citizens of India – who earn above a certain sum, to pay the taxes. He summed up the different kinds of taxes levied, like individual tax, H.U.F., R.F., Co., A.O.P. and the ways in which people can generate tax through salary, house rent, by the way of profit from business or profession or even by means of capital gain. 

 

He explained how the tax is collected and deposited in the government treasury from where it is used for the welfare of the people. "The money given in the form of tax, comes back to the people for their own well - being," Kamath said.

 

The school also organised a poster making and slogan writing competition for students across classes on the tax issue. The seminar ended with a vote of thanks by Father Godfrey D' Sa, the principal and a question-answer session, where students had their doubts cleared. 

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