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How long should i keep incometax proofs?

Tax queries 132 views 1 replies

Venkat

Others

41 Points Joined June 2015

Hi,

We all keep the income tax proofs just in case there is any query or audit from department. How long should we keep these proofs?

Also, what is the maximum time period within which the department should process a return? For example can the department keep a return for AY 2008-09 open till how long?

thanks

venkat

Replies (1)

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

The books of account and documents must be preserved for a period of 6 years from end of the relevant assessment year. However, if the assessment has been reopened u/s 147, all books of accounts and other documents which were kept and maintained at the time of re-opening assessment should continue to be so kept and maintained till the re-opened assessment is completed.