Answer ( 1 )

  1. Filing of the income tax return is mandatory for every person who has income higher than the taxable income.
    Even when the advance taxes have been paid, the same need to be reported to the Department through Income-tax return filing procedure.
    This completes the self-assessment of income and taxes are computed on the same.
    Failure to file the income tax return will attract levy of penalty.
    Form 26AS reflects the taxes which have been reported by the third party to whom the taxes have been deposited or by whom the taxes have been deducted.
    Income-tax return helps in reconciling the records as submitted by assessee and as per Income-tax department records.​
    Assessee claims refund.

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