How long to keep records, Other Topics

[AJEET SINGH]

Dear Sir,

We are a manufacturing unit since 2004-05 and would like to know that how long we should keep Sales/Purchase and expenses file.

1. Our Sales tax assessment is done for 2004-5,2005-06 and 2010-11

2. Business audit is done for 2008-09

3. Issue based audit is done of 2009-10

Our Income tax assessment is done for the year of 2009-10 and 2010-11

Kindly suggest.

Ajeet Singh

9324502656

Posts / Replies

[Naveed S]

Under the Companies Act, 1956, a company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year.

Under Income Tax Act, assesses are required to preserve the specific books of account for a period of 6 years from the end of the relevant assessment year, i.e., for a total period of 8 previous years.

Under Central Excise, records to be maintained for 5 years immediately after the financial year to which such records pertain.

Under VAT, Each State has prescribed the accounts and records required to be maintained by a VAT dealer and the provisions regarding preservation of such accounts and records e.g. dealers registered under Delhi VAT are required to preserve records and accounts for 7 years, from the end of the relevant assessment year.

[Vinayak Hegde]

Agreed to Mr. Naveed!!!But in case you are having any litigation at different level of authorities, then relevant documents needs to be preserved for your reference is case required...

[Naveed S]

Yes Sir, absolutely right..