To Keep Records
This query is : Resolved
10 January 2025
Respected Experts
Kindly guide me that how many years records we have to keep in Income Tax & TDS.
Kindly guide me that how many years records we have to keep in Income Tax & TDS.
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.
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.
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.
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.
10 January 2025
Thanks for your advise
10 January 2025
You are welcome.
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