Retaining past it returns records

ITR 123 views 2 replies

Subramanian.V

Retired

64 Points Joined April 2013

I am a senior citizen of 77 years old.. I have been submitting IT returns since 1960 till AY 2008-09. Though I did not have any salary income, I submitted returns till AY 2008-09 as I was withdrawing from NSS in stages & the total income from interests & NSS withdrawal(no salary income) was more than the limit till AY 2006-07. As my total income later to AY 2008-09 was much less than the limit of Rs.2.5 L/3.00L, I did not submit the returns. All my income have been from salaries and interest income and withdrawal from NSS.

My query is:

How long am I required to retain

(i) the copies of returns submitted(till AY 2008-09) and

(ii) the details of income received later years(though it is for all years lower than the limit)?

I would appreciate your kind advice. I am finding difficult to maintain records of last 50 years+

Replies (2)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

196852 Points Joined July 2016

You need not maintain records of all these 50+ years now. Usually any records of last 6/8 years are sufficient as per the IT act, unless you have any international deals/transections. Better to keep some records for the years, in which you may have big transactions like purchase of property/ Gifts/ investment in Bonds, MF etc.