Filing tax returns incase all taxes paid in advance?

Hello Members,

Do I need to file the income-tax return even when I have paid all the taxes in advance?

Kindly share your guidance



Hey @Roshan ,

​​​Filing of Income-tax return for individual is mandatory for every person whose income (before considering certain exemptions and deductions) exceed maximum exemption limit. With effect from Assessment Year 2020-21, it is mandatory for every person, who is not required to furnish return of income under any other provision of [section 139(1)​], to file return of income if during the previous year he/she:​​

  1. Has deposited an amount (or aggregate of amount) in excess of Rs. 1 crore in one or more current account maintained with a bank or a co-operative bank.

  2. Has incurred aggregate expenditure in excess of Rs. 2 lakh for himself or any other person for travel to a foreign country.

  3. Has incurred aggregate expenditure in excess of Rs. 1 lakh towards payment of electricity bill.

  4. ​Fulfils such other conditions as may be prescribed.

The CBDT vide notification No. 37/2022, dated 21-04-2022, has notified additional conditions under the seventh proviso to section 139(1)​​ whereby return filing is made mandatory. These additional conditions are as follows:

  1. If total sales, turnover or gross receipt of the business exceeds Rs. 60 lakh during the previous year; or

  2. If total gross receipt of profession exceeds Rs. 10 lakh during the previous year; or

  3. If the total of tax deducted and collected in case of a person during the previous year is Rs. 25,000 or more. The threshold limit shall be Rs. 50,000 in case of a resident individual of the age of 60 years or more; or

  4. If the aggregate deposit in one or more savings bank accounts of the person is Rs. 50 lakhs or more during the previous year.

  • 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.

Hope this is helpful.


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