Amounts paid as advance tax and withheld in the form of TDS or collected in the form of TCS will take the character of your tax due only on completion of self-assessment of your income.
This self-assessment is intimated to the Department by way of filing of the return of income.
Only then the Government assumes rights over the taxes paid by you. Filing of return is critical for this process and, hence, has been made mandatory.
Failure will attract levy of penalty. Thus, you have to file your returns.
Please mark your satisfactory level...
My Dear ,
I thank you for marking the answer as satisfactory.
I have noted.
It will be very nice and helpful to our other members (and the answerer too) if you mark your satisfaction level on the grade scale below.
Please feel free to mark any point. I don't share it with anyone. I use it for doing my internal calculations only. I use these calculations to evaluate the service performance of the relevant virtuoso.
Here is the grade scale:
Thank you,
Yours sincerely,
Anu, Thakurani's bestie