Need A Financial Product Forums Tax Savings Why filing of income tax return compulsory for an individual?

This topic contains 1 reply, has 2 voices, and was last updated by  Jayawant Vithal 2 years, 2 months ago.

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #47376

    Why filing of income tax return compulsory for an individual even though his all taxes and interest has been paid and there is no refund due to him or her?

    #47377

    Madhumita
    Member

    The certain amount paid by an individual as an advance tax which is withheld in the form of tax deducted at source(TDS) or collected in the form of TCS will take due notice only on completion of self-assessment of his or her income. This self-assessment is communicated to the department of income tax by filling of income tax return. Only on completion of this process the central government gets the rights over pre ?paid taxes as its own revenue. Therefore filing of the income tax returns turns out to be very important for this process and hence it is compulsory of every individual to file an income tax return otherwise in failing to file the income tax return will attract levy of penalty over the individual.

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.