Republic Day: 5 Ways To Be A Financially Responsible Citizen

Come Republic Day, and we feel a sense of pride as citizens of our nation. But that also calls for our responsibility to be model citizens to be able to serve our country better, and this also includes our financial duties towards the country.

Here are a list of five things that we can do to be a financially responsible Indian citizen.

Pay Your Income Tax On Time: While a lot of us are reluctant to pay income tax and view it as an obligation, it is actually an instrument that the government uses for the welfare of the citizens. The government uses taxes to finance projects for better public infrastructure. Hence, as a citizen, one must pay his/her income tax on time.

Pay For Utilities: It is important to pay your electricity, telephone, and other bills on time. While every state has an electric, water, and telephone board, the cost of running these utilities runs up to crores of rupees. When you do not pay your bills on time, it puts pressure on the government, and sometimes, it fails to provide uninterrupted services. It is a like a vicious cycle.

Donate To Relief Funds: Our country is often ravaged by natural calamities, such as flood, earthquake, and pandemic, and people are often left stranded in their homes without any food or water. It is during such crisis events that the government falls back on emergency fund pooled in from the people to take care of the citizens. Hence, if you can afford it, you must donate to the Prime Minister’s National Relief Fund to fulfil your duty as a citizen. Moreover, this could also help you to enjoy tax deduction benefits under Section 80G of the Income-tax Act, 1961.

Invest In Make-In-India Enterprises: Make-In-India is the flagship program of the Government of India that aspires to facilitate investment, foster innovation, enhance skill development, and build best-in-class manufacturing infrastructure. You could do your bit as a patriotic citizen by investing in Make-In-India companies.

Invest In G-Secs: Government securities are issued by the central government to borrow from the financial market to meet its fiscal deficit. You could also invest in government securities, such as treasury bonds, fixed deposits, and other long-term investment instruments generating competitive interest rates.

As a model citizen, you could also invest money in government funds, or, open a bank account at a government bank.

These are small ways in which you can contribute to the growth and development of the country.