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.