Which papers should you throw and which should you keep?

Find out which documents you should retain forever and the ones you can discard after a few years.

Throw now

Shopping bills

Bank deposit receipts, ATM slips, 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.

Keep for 1-2 years

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).

Keep for 6-16 years 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 six 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.

Retain forever

Passport, Aadhaar card, PAN card, voter ID card, driving licence.

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

School & college marksheets.

Medical records.

House or vehicle sale/purchase/ rent/mortgage documents.

Insurance policies

Investment-related documents.

Also Read: How to organise your bills, receipts, important papers systematically

Also Read: Financial tasks that you need to do right away