Tax Records – Need to
maintain for long
Even if you file your tax returns right and regularly,
records must be maintained to ensure you have the answers when asked. As you know, there are many circumstances
that can lead to a tax notice. May be a wrong tax treatment of income, Mismatch
in tax credits, Not filing IT return, Mistakes while filling the IT forms,
Purchasing properties, or making excessive Credit Card payments. This warrants
you to keep copies of all records/documents, in a safe place. And you know for how long ? For 16 years !
So, save all those tax related documents, don’t shred them
off !
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