In the book, ‘The Joy of Tax’, the British Chartered Accountant and author Richard Murphy has challenged almost every belief or misconception that you might have about paying taxes. It’s intriguing to see how smartly he has demonstrated that there is indeed a joy in paying your taxes. Of course, it might sting those who live under the impression that tax is merely a white collar stealing by the government of the citizen’s money, but that is simply not the case. In fact, the government has made many rules for the comfort of the taxpayers, and Reliance Tax Saver Fund is the ultimate tool to plough those comforts into your lap.
Ever since the inception of the taxation system, people have been living in a false belief about tax. They think that tax is pointless and an unnecessary burden on their already scarce income. But, little do they know that it is the tax that allows them to use all the latest technology, amenities and facilities that they demand and expect from the government. This article contains many eye-opening facts that will debunk the myths about tax that have been prevalent since ages. It will allow you to think clearly about why you should pay taxes, and how you can get the maximum benefit of legally paying taxes.
Why is Tax Necessary?
As Richard Murphy starts his book, he debunks the very famous myth that has gripped the minds of all – tax and death are inevitable. While this is true in its literal sense, but a comparison of both is simply brutal. While death takes away everything (life) from you, a tax is something which multiplies and returns back what it had taken initially. Don’t believe? Look at the list below that consists of the things which are IMPOSSIBLE without tax: -
Country’s Infrastructure - Government Parks, airports, and railway stations. Where do you think the money comes from?
Development of Rural Areas – Free mid-day meals, books and clothes for the deprived. All this for free? Nah!
Eradication of Poverty – 100 days of assured work, subsidies to BPL families, and construction of dams for irrigation purposes. NO! The government doesn’t have a Genie to make all these wishes come true in a snap of a finger.
How can Reliance Tax Saver Fund Help You?
There are several benefits that have been allowed by the government via different approved modes, in order to promote the payment of taxes by the public and ensure that the ‘good work’ doesn’t stop. One of the ways that have been allowed by the government is to invest in modes approved under Section 80C of the Income Tax Act, 1961. This section states that a person can avail a maximum benefit of Rs. 1, 50, 000 by investing in any of the modes specified therein.
Here, the benefit means a flat deduction up to Rs. 1, 50, 000 from the annual total taxable income, and the approved modes means investing in ELSS plans, Public Provident Funds, and National Pension System etc. The best out of these options is investing in ELSS plans, and Reliance Tax Saver Fund (G) is one of the best tax-saving ELSS plan available in the Indian market today. Hence, if you can achieve the said deduction to its maximum limit, you can easily save up to Rs. 46, 800 on your annual tax bill. Was that enough to demotivate you from evading taxes? If not, continue reading.
What are the Other Benefits of Investing in Reliance Tax Saver Fund (Growth)?
Not only does Reliance Tax Saver will help you save a handsome amount on your tax bill every year, but will also shower returns that may go as high as 23.82%.
Another reason for choosing Reliance Tax Saver Fund-Regular Plan (G) is that being an ELSS plan, it bears the least lock in period of 3 years, unlike other options which possess much higher lock-ins.
Still want to evade tax? No, right? If you can draw a horde of benefits by investing in Reliance Tax Saver Fund, stealing tax become pointless. So, why wait? Start tax-saving today!