Tax Filing Brings Gen Z To Tears, 1 In 4 Seek Therapist For Stress: Study
Tax filing can be stressful for Gen-Z, millennials - and everyone else, for that matter. According to a recent survey by Cash App Taxes, 1 in 4 Gen Z taxpayers feels they will require therapy to cope with tax-filing stress. The survey also stated that 54% of Gen Z taxpayers admitted that filing taxes has either made them cry in the past or anticipate doing so this year.
Tax filing can be stressful for Gen-Z, millennials - and everyone else, for that matter. According to a recent survey by Cash App Taxes, 1 in 4 Gen Z taxpayers feels they will require therapy to cope with tax-filing stress.
Filing taxes have made people cry, finds survey
The survey also stated that 54% of Gen Z taxpayers admitted that filing taxes has either made them cry in the past or anticipate doing so this year.
Additionally, the process of determining which documents are required for filing often induces anxiety.
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Richard Pianoforte, managing director of tax at Fiduciary Trust International, commented on the matter, stating, ¡°I have children in that age group¡and I don¡¯t think they¡¯re prepared for it, school doesn¡¯t prepare them for it, and it¡¯s totally understandable.¡±
In India, the total number of income tax returns (ITRs) filed by individuals aged 18 to 35 during FY23 until January 31, 2023, exceeded 2.09 crore. This indicates that 27% of filers fall within the age bracket of 18¨C35 years.
How to file taxes in India?
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In India, this is the process to file income tax:
- Go to the official Income Tax e-filing website and click on 'Login.' Enter your PAN in the User ID section.
- Select the ¡®File Income Tax Return¡¯ option.
- Choose the right Assessment Year, select your Filing Status, choose your ITR Type, and select the reason for filing ITR.
- Add your Bank Account Details & Other Information.
- Verify your return using methods like Aadhaar OTP, electronic verification code (EVC), Net Banking, or by sending a physical copy.
Finally, file your taxes.
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The important documents required to file taxes in India are: PAN, From 26AS, AIS, Bank Statements and Form 16.
Information presented in the Parliament last year revealed that only around 1-2 per cent of all Indians actually pay income tax. Surprisingly, this small percentage contributes as much as 27 per cent of India¡¯s total tax collections.
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