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A company how many years maintain books of accounts ?

sureshraj (employee) (356 Points)

29 March 2013

Greetings for the to all CCI members,

i have query an about maintainance of books of accounts. one company need to maintained books of accounts minimum 8 years as per companies act, but as per income tax act how many years need to maintain?

Thanks in advance.

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5 Replies

Vaibhav Pitliya (Student CA Final ) (71 Points)
Replied 29 March 2013

Hello,

Assessee is required to preserve the specific books of accounts for the period of 6yrs from the end of relevent assesment year as per Income Tax Act, 1961...i.e.for a total period of 8 previous yrs...

Thanks...

CA Bhargav Nathwani (CA in Practice) (8307 Points)
Replied 30 March 2013

Ya 6 years as per I.T Act

CA Bhargav Nathwani (CA in Practice) (8307 Points)
Replied 30 March 2013

Ya 6 years as per I.T Act

Rupak Gaudel R. (Audit Assistant) (24 Points)
Replied 03 March 2015

Dear V. Suresh,

The books of account and documents, as per Income Tax Act, 1961, should be kept and maintained for a period of 6 years from the end of the relevant assessment year.

Regards,

Rupak Gaudel R.

https://forcharteredac.blogspot.in/

Vivek Venkataram (Just cleared CS(441/800) now C.A Final Attempt in May 2015) (772 Points)
Replied 07 March 2015

The books of account and documents, as per Income Tax Act, 1961, should be kept and maintained for a period of 6 years from the end of the relevant assessment year.