31 May 2017
Assessees are required to preserve the specified 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. Thus, accounts must be maintained for P.Y. 2008-09 and onwards and accounts up to 31st March, 2008 (P.Y. 2007-08) need not be maintained for income-tax purposes. Period of six years gets extended if the assessment is reopened u/s. 147, till the time assessment is completed. Transfer Pricing documents and information specified under Rule 10D must be maintained for a period of 8 years from the end of the relevant assessment year, i.e., for a total period of 10 previous years. In a case where any income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax has escaped assessment for any assessment year — 16 years from the end of relevant assessment year.
Working papers help full till completion of Assessment.