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TMI BlogHow long to keep recordsX X X X Extracts X X X X X X X X Extracts X X X X ..... How long to keep records X X X X Extracts X X X X X X X X Extracts X X X X ..... or 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 Reply By Naveed S: The Reply: 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 requ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ired 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Reply By Vinayak Hegde: The Reply: 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 yo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur reference is case required...
Reply By Naveed S:
The Reply:
Yes Sir, absolutely right.. X X X X Extracts X X X X X X X X Extracts X X X X
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