What next after filing returns?

Depending on the stream of income,the official may call for the following details:

* Salary certificate in Form 16 showing the details of gross salary paid and taxes deducted.

* Rent receipts and rent agreement with the landlord if any rent exemption is claimed.

* For any donations,original donation receipts may be called for. Similarly,preserve documents showing payments towards life insurance premiums,public provident fund payments and/or any other investments made to mitigate taxes.

* In respect of taxable interest,the TDS certificate in Form 16A may be asked for. This certificate should always be preserved and produced before the ITO if called for.

* For savings bank interest,the assessee may be asked to produce copies of bank statements showing the interest amount and also the yearly certificate issued by banks explaining the gross interest and taxes deducted,if any.

* If any house property is bought or sold,you should keep the original purchase/sale deed. If the property was co-owned with spouse,a proof of how the funding was made/received by each co-owner should be preserved.

* For capital gains on sale of shares,you may be asked to submit contract notes showing the sale price and cost & year of acquisition.

* In case of loans taken,a confirmation from the lender may also be requested to be produced by the ITO.

* If you are a non-resident filing returns in India,you may also be asked to submit copies of your passport explaining your stay in India.

There are certain time frames prescribed and methods laid down in the income tax statute for completing the income tax assessments. It may be useful to be aware about the same.

*—The author is partner,B S R and Co