Keep these documents handy if tax official calls!

Everybody has been talking about the budget that Finance Minister Arun Jaitley announced on Wednesday. Some feel that this budget will be good for them and some are feeling otherwise. But tax has been the most important talking point of this Budget 2017.

 

A number of rules have been altered. A number of new rules have been added in this fourth budget of Jaitley. If one tries to evade taxes in India from now onward, the finance ministry will make sure that these defaulters do not get away that easily like they have done in the past.

 

Therefore, pay your taxes up to date and keep these documents ready if a taxman calls:

 

## Copy of acknowledged of filed tax return.

## Form 16 and Form 12BA issued by the employer

 

## Monthly salary slips and proof of all expenses reimbursed by the employer.

## Proof of all deductions/exemptions claimed in your tax return.

 

## Copy of statement of bank accounts with explanation to all major debit and credit items.

 

## Copy of credit card statements.

 

## Details of your foreign trips and properties held abroad.

 

## Supporting documents relating to the assets and investments – including purchase of immovable property.

## Copies of rent agreement/lease if you are earning from rents and receipt of municipal tax.

 

## Interest certificate issued by the lending institution for home loan.

## Details of loan/gifts taken or received.