As an individual with taxable income, filing your income tax return annually is mandatory. In addition to this, timely payment of advance tax is crucial to avoid interest charges. You may also need to file an SFT return if you engage in specific financial transactions. The Income Tax Department closely monitors your financial activities, and even aspects like travel and lifestyle may be scrutinized if they don’t align with your declared income. Therefore, keeping track of your finances and ensuring compliance is more important than ever.