Tax-savvy schoolkids to learn about finance

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It’s simple. Today’s tots are tomorrow’s future, and Central Board of Direct Taxes (CBDT) seems to have taken it seriously. Formulating a campaign to ensure future’s earnest taxpayers, CBDT is formulating a plan to introduce the subject in the academic curriculum of schools. Targetting the change agents (read children) between 10 to 18 years, CDBT issued a statement saying that the inclusion of the subject would be in the syllabus for Class 5, 6, 11 and 12 children.
“I hope the topics on the subject include the dynamics of taxation, and how it contributes to nation building, as these basics are important for children to know and will help them in the future,” opines social scientist Beena Thomas. “I think more than anything else this would teach children the value of money. I don’t have any problem with the targeted age group, but it would be interesting to see how the authorities formulate the syllabus as they have to keep in mind, how a child’s mind works,” opines chartered accountant Juhi Garg.
Progressive as it may sound, but many are asking, “By teaching young schoolchildren to be money smart, are we increasing the burden on them with the concerns of financial management? “Children need to be moulded when young and facts of life include financial literacy. Personally, I feel if children learn to handle money well early in life, they will have a better chance of avoiding financial errors, ignorance and irresponsibility,” adds psychiatrist Bristi Borkakoty. Adds Beena, “Inculcation of topics on taxation would teach children about discipline, and that would make them aware of their responsibilities, not only towards their families, but also the nation. By educating them about the nitty gritty of taxation they would be saved from a rude awakening later.”
There are also other alternatives CBDT is speculating would help in spreading information about tax among children. They are considering options such as distribution of tutorials on CDs and websites, through cartoons, class projects and in TV shows.
“It would definitely be beneficial for the students as it’s a good thing to have knowledge about everything. Though senior students in schools are learning about the subject (especially in Economics class), but officially, we haven’t received any circular to introduce topics on taxation in the school academic curriculum,” informs Meeta Rai, principal of DPS Indirapuram.