What is wrong with not paying taxes?

If you do not pay your taxes by the due date, you will begin to accrue interest and penalties on the outstanding amounts. As time goes on, you may be subject to liens on your property or garnishment of your wages. In the most extreme tax evasion situations, you may even be subject to up to 5 years in jail.

What might be some drawbacks to paying taxes?

Taxation has the potential to decrease consumer spending, because taxes take money away from consumers and reduce disposable income. High taxes may inhibit economic growth, and the government sometimes institutes tax cuts during periods of economic hardship to encourage spending and growth.

What happens if you have difficulties paying your tax?

If you are facing difficulties in paying your tax, we encourage you to reach out to us early to work out a suitable payment arrangement. Otherwise, a 5% late payment penalty will be imposed on the overdue tax. It is important that you do not ignore the tax bill or a demand for payment.

What to do if you have a tax problem with the IRS?

What if I can’t resolve my tax problem with the IRS? Contact the Taxpayer Advocate Service (TAS).

Is it mandatory to pay income tax online?

Your bank provides the e- payment facility. Whether it is mandatory to pay tax online? It is mandatory for the following types of assesses to pay tax online with effect from April 1,2008. All the corporate assesses. All assesses (other than company) to who the provisions of section 44AB of the Income Tax Act, 1961 are applicable.

How can I use this facility to pay income tax?

This is a facility provided to the taxpayers to make income tax payments through internet, using Net-banking/Debit card of the selected Bank. How can I use this facility to pay income tax? Your bank provides the e- payment facility. Whether it is mandatory to pay tax online?