How long to keep records

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..... 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 .....

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..... - 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 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 y .....

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..... ears. 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 .....

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..... 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 your reference is case required... - Reply By Naveed S - The Reply = Yes Sir, absolutely right.. - How long to keep records - Query Started By: - AJEET .....

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..... SINGH Dated:- 26-11-2014 Other Topics - Got 3 Replies - Indian Laws - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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