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Individuals who file their Income Tax Returns (ITR) should hold on to their previous ITR records and associated financial paperwork for a period of 10 years starting from the conclusion of the assessment year.

Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.

Statutory retention periods of documents Type of DocumentStatutory Minimum Retention PeriodIncome tax records (P45/P60/P58/P48 etc.) & Annual return of taxable pay and tax paid6 yearsPayroll and wage records (including details of overtime, bonuses and expenses)6 yearsPersonnel RecordN/ATraining RecordsN/A57 more rows ? 26-Aug-2020

Books of Accounts must be kept for at least 8 years, but those who file their taxes under Presumptive Taxation (u/s 44) only have to keep them for at least 6 years.

Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

Records in which any important principal is discussed should be retained permanently though the subject may fall within the categories for which only temporary retention is prescribed in the rules.

You must be able to produce receipts, invoices, canceled checks or bank records that support all expense items. You should also keep sales slips, invoices or bank records to support all income items. These records should be retained for at least 10 years after they have expired.

year is used to describe how many cigarettes you have smoked in your lifetime, with a pack equal to 20 cigarettes. If you have smoked a pack a day for the last 20 years, or two packs a day for the last 10 years, you have 20 packyears.

Section 286 of the Corporations Act requires financial records to be kept for at least seven years after the transactions covered by the records are complete.

Ownership Records, such as business formation documents, annual meeting minutes, by-laws, stock ledgers and property deeds, should be retained permanently. Accounting Services Records should be retained for a minimum of seven years.