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Feb 19, 2025
4:34 AM 		Tax documents are used to document information in compliance with the IT Act, 1961, and the rules therein. Retention of tax documents is important for taxpayers, as it would enable them to claim refunds and act as conclusive evidence that they have filed the tax return. It is advisable to retain the documents at least once for a period of three years and a maximum of up to seven years. As far as it is concerned, any taxpayer who is running a business has to maintain tax documents along with employment tax records. However, in some exceptional circumstances, taxpayers are required to maintain tax documents forever. These circumstances may include not filing the tax return on time and any attempted fraud in tax filing. Additionally, if a taxpayer has opted for a Tax advance, it is crucial to keep all related documentation for future reference, as it may be needed to verify the advance amount or during any audits.
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