Self-assessment requirement converts advance tax, TDS and TCS into tax liability; return filing mandatory to vest tax rights. Amounts paid as advance tax or withheld/collected as TDS/TCS become the taxpayer's tax liability only upon completion of self-assessment of income through ... Summary
Self-assessment requirement converts advance tax, TDS and TCS into tax liability; return filing mandatory to vest tax rights.
Amounts paid as advance tax or withheld/collected as TDS/TCS become the taxpayer's tax liability only upon completion of self-assessment of income through filing the return of income; filing notifies the Department and vests the Government's rights over paid taxes, and failure to file attracts penalty.
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