Documents to retain/documents to discard…

Of the various documents we get every day which documents you should retain forever and which are the ones you can discard after a few years.
Throw now
Keep for 1-2 years
Keep for 6-16 years
Retain forever
Shopping bills (if you don’t need to exchange)

Bank deposit receipts, ATM slips (till the transaction is done), old cheque books, expired credit or debit cards, banks and credit card statements (if you have online bank  statements)Restaurant bills & parking tickets (unless you claim expenses for tax purposes)

Travel tickets, literature, passes, etc
Brochures, pamphlets

Utility bills, medical receipts, telephone bills, travel expenses (only if you claim reimbursement for tax exemption)

Warranty card for home appliances (depending on the warranty period)

Charity receipts (to claim tax exemption) 

Cash transaction receipts of over Rs 2 lakh

Tax return and supporting documents like rent receipt for HRA, proof of investment, loan repayment, etc. You can get a tax notice till 6 years after the relevant assessment year. For foreign or undisclosed income, a notice can be sent till 16 years 

Home appliance manuals

Employment-related documents

Passport, Aadhaar card, PAN card, voter ID card, driving license

Birth, death & marriage certificates, estate planning documents (will) 

School & college mark sheets. 

Medical records 

House or vehicle sale/purchase/ rent/mortgage documents

Insurance policies 

Investment-related documents

Sabyasachi Paul has been associated with equity research and advisory on equity markets in India for over 9 years & currently heads the equity research desk of Eastern Financiers Ltd, Kolkata.He also manages a portfolio on the online platform Kristal. Find link to the strategy named 'The Tortoise' 

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.