It is march and new financial year has started. Just few days back I submitted all the relevant documents required for tax savings. Tax calculations and doing all the paper work is something I hate a all. Why can't government come up with a very simple, unified approach where we dont have to do any paper work. I would say ZERO PAPER WORK. Government knows my PAN, my bank knows my PAN. We do all sorts of savings like PF, PPF, Mutual Funds, NSC, Home Loan, etc and we are not doing it anonymously!! When we give money to someone, system should be such that it should be tracked in the system. If for example I am doing a saving of 1 lakh then government should check my history and automatically consider my savings. I know in India it is not easy but it is certainly possible.
Another thing that I hate is doing so much calculations for Tax. It is stupid. If you are working in a company then you don't need to worry much about it but still everyone cross verifies the data. Afterall it is our hard earned money and we would not want to give even a single extra Rupee to government :) I know there are various Tax consultants who do this work but it is really inconvenient to hire someone for this work. There are various services in U.S. where people can file their irs tax extension online and also manage their complete portfolio. I am not aware of any such services in India. Even if there are then why cant Indian Government do it!! They have more money than anyone and making online everyone's financial portfolio would be great idea. Just image login on to Indian Tax site. Just cross verify your facts and click submit. Simple. Tax will automatically be deducted from your bank. Simple. Why do so much paper work? In fact everyone ask us for form 16 as a proof that we are paying our taxes to government. They can simply login to the site and verify it online!!
May be in some 10-20 years this ZERO PAPER WORK would become reality. Till then suffering continues. Seriously just imagine the number of hours people waste for just doing all this nonsense stuff and people seem to be ok with it!!
