Is my obligation under the Income-tax Act over upon payment of taxes?

No, paying taxes alone does not release you from all obligations and responsibilities under the Income Tax Act, 1961. After paying taxes, you are still required to fulfil other obligations, such as filing your income tax returns, maintaining proper financial records, and responding to any notices or queries from the tax authorities. Additionally, you need to comply with other provisions of the Act, including accurate reporting of income, deductions, and other relevant financial details.