Got notice from Income Tax department to show tax payment challan for last 10 yrs

POSTED BY ravimodi ON October 15, 2014 11:07 am ONE COMMENT

Recently I received notice from Profession Tax Department to submit tax payment challan from 2004 onwards.  (10 years past + 1 year current) .  I have paid all payment regularly & am having last 6-7 years challans, but finding old challans is difficult.

Is the govt justified in asking for such old records ?

This also raises the question as how long to store old records & what documents are important to store life long & what documents we can destroy ?

Normally I have following documents :

1) Sale / Purchase bills , Delivery Challans (business)

2) Assets & other appliance purchase bills

3) Utility Bills (Telephone, Electric etc)

4) All Investments confirmation letters, monthly/quarterly/yearly statements , Demat Statements,  shares sale/purchase contract letters etc.

5) bank Statements / pass book / cheque book counterfoils

6) All Tax payment challans (online / offline )

7) Copy of ITR, Balance Sheets

8) past expired policies, Insurance payment receipts, etc

9)  All expenses bills / receipts , Cr.Card Statements

I am also interested in converting all my physical documents to electronic.  Please suggest some good software which can store all the documents.

Ravi Modi.

One reply on this article “Got notice from Income Tax department to show tax payment challan for last 10 yrs”

  1. Dr.Sachin says:

    Hi ravimodi,

    you may raise your question at ‘ASAN IDEAS FOR WELATH’ group in Fb pls.
    Let us know if it was helfpul. [not a promotion]

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