How long should a person keep IT return documents?

Ask the Community Income Tax
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1

Hi,

For how long should a person keep IT return documents with them?

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2

Hi Manjunath,

With regard to the Books and Records it should be maintained for 6 years from the last date of filing of the annual return (31st December) for that year i.e., for a total period of 8 previous years.

This may extend if the assessment is reopened u/s. 147, till the time assessment is completed.

With regard to transfer pricing documents and information (Rule 10D) to be maintained for a period of 8 years from the end of the relevant assessment year, i.e., for a total period of 10 previous years.

If any income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax has escaped assessment for any assessment year — records of 16 years from the end of relevant assessment year to be retained.

Regards,
Bhuvana Anand

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