How long do I need to keep my ITR proofs?
There is no stipulated time-period for the Income Tax Department to verify or scrutinise your returns. However, under Section 149 of the Income Tax Act, the Income Tax Department can send a notice to taxpayers after up to 7 years from the end of the relevant financial year.
For instance, your income tax returns for AY 2019-20 can be scrutinised until AY 2026-27, thereby making it essential for you to keep your records for at least 7 years to avoid any issues that may arise in the future.
If you have any other personal finance queries, you can follow and tweet out and I’ll be happy to answer them for you. Send your tweets to @adhilshetty. Adhil Shetty is CEO, BankBazaar.com, India’s leading online marketplace for loans, credit cards and credit score.