Papers mandatory record

Dear Sir,

Hope you are doing well !!

According to section 149, the income tax department has the powers to issue notice to taxpayers for seven years from the end of the financial year. So, this would mean that if you have filed ITR for FY 2018-19, then you must keep the related documents with you till the end of FY 2025-26.

It is advisable to keep the documents for seven years, however, this does not mean that once the specified period is over, you can throw away the required documents.

However, "According to the amendment made in Budget 2017, applicable with effect from AY 2017-18 (April 1, 2017), income tax officers can now ask details up to 10-year-old cases that involves large amounts of escaped income."

Genrally,You need to maintain books of accounts and related papers till 8 years.

So you are required to maintain books of FY 2011-12.

Hello,

Under income tax, assesses are required to keep records for last 8 years, so you will have to keep records upto F.Y. 2011-12(i.e. from 1st April 2011)

I hope this answer satisfies your requirement.

Regards,

CA Hunny Badlani

For 8 years. For F.Y. 2018-19 it would be 2027-2028.

After a recent amendment income tax department can open cases upto 10 years in search. But normally its 6 years.

You must keep records for year starting 01.04.2007. Paper relating to period before this can be destroyed.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Hi,

Preferably maintain the records for 8 years. 

From FY 2011-12, i.e., From April 1st 2011. 

But however, Income Tax Authorities now have the power to search and assess for 10 years.

Thank you!