Income Tax Day Overview
The month of April is known to be that period of the year when the spring season is at its peek. The flowers and trees around seem to be dancing around with singing birds, thus making the atmosphere full of life. However, there is one day in this month which proves to be rather dreadful for many. The day is known as the Income tax day and is observed on 15th of April. This means that the tax returns will be due for the current year. Where other events have certain significance, Income Tax day also has a reasonable background which many people would be interested to know about.
Instructions
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History and Origin
According to the history, this day is associated with the introduction of income tax with Revenue Act of 1861 and the purpose of that was to raise funds for the civil war. For this reason, the initial taxes were based on assessments and did not have any specific date. However, in 1895, it was declared by the United States Supreme Court that the taxes were unconstitutional. Hence, after 18 years i.e. in 1913, when the Sixteenth Amendment to the United States Constitution was approved, it gave legal authority to the United States Congress to put tax on all the incomes.
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Significance of the Day
People consider paying taxes as something taken from them rather forcefully. However, if the importance and benefits of paying taxes could be clarified, there would be hardly anyone who may not want to pay tax. For this reason, the actual purpose of this day, instead of clinching taxes, is to explain people the benefits related to it.
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Things to do
The best thing to do on this day is to have all your documents ready so that you are not late filing for the income tax. If the 15th of April falls on Saturday or Sunday, then the following business day should be utilized for tax filing.
