To Keep Records

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For Income Tax Returns (ITR), it's generally advised to keep records for 8 years, extending to 16 years if you have foreign assets. This timeframe accounts for potential notices from the Income Tax Department. For TDS (Tax Deducted at Source) records, it's recommended to retain them for 7 years, as the department can issue notices for discrepancies up to 6 years from the financial year of deduction.

Nishant Gandhi

Nishant Gandhi (Querist)
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10 January 2025 Respected Experts

Kindly guide me that how many years records we have to keep in Income Tax & TDS.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 January 2025 For Income Tax Returns (ITR), it's generally recommended to keep your records for 8 years. This is because the Income Tax Department can send a notice up to 8 years from the date of filing the ITR. However, if you have income from foreign assets or financial interests in foreign entities, you should keep your records for 16 years.

TDS (Tax Deducted at Source) Records
For TDS records, it's advisable to keep them for 7 years. This is because the Income Tax Department can issue a notice for TDS discrepancies up to 6 years from the financial year in which the TDS was deducted.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 January 2025 You have to keep 8 years records.
According to section 149 of the I-T Act, the Income Tax department can send notice to a taxpayer within seven years from the last date of the respective financial year.

Nishant Gandhi

Nishant Gandhi (Querist)
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10 January 2025 Thanks for your advise

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 January 2025 You are welcome.

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