Maintainance of books of accounts
This query is : Resolved
CA. Ankit Bhandari
(Querist)
27 October 2012
For how many years books of accounts have to be preserved for a private company.
CA Anurag Nema
(Expert)
27 October 2012
Its 8 years or life of company whichever is less.
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CA. Sunil Kumar
(Expert)
27 October 2012
AS per Section 209(4A)
The books of accounts of every company relating to a period of not less than eight years immediately preceding the current year [together with the vouchers relevant to any entry in such books of account] shall be preserve in good order.
Provided that in the case of a company incorporated less than eight years before the current year, the books of account for the entire period preceding the current year[together with the vouchers relevant to any entry in such books of account] shall be so preserved.
The books of accounts of every company relating to a period of not less than eight years immediately preceding the current year [together with the vouchers relevant to any entry in such books of account] shall be preserve in good order.
Provided that in the case of a company incorporated less than eight years before the current year, the books of account for the entire period preceding the current year[together with the vouchers relevant to any entry in such books of account] shall be so preserved.
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CA. Ankit Bhandari
(Querist)
27 October 2012
can we destroy all the books older than 8 years or need to preserve something?
CA PARAS BAFNA
(Expert)
28 October 2012
You have to keep all the Books of Accounts beyond eight years also. However, Sales Bills, Purchases Bills and other vouchers may be destroyed.
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CA. Ankit Bhandari
(Querist)
28 October 2012
why we have to keep all books of accounts beyond 8 years?
is it required by any law?
is it required by any law?
28 October 2012
Mr Bhandari!
Mr Anurag, Sunil and Bafna has answered clearly and correctly.
It is a matter of convenience if books beyond 8 yrs are kept. My experience says keep the books and other documents to the extent you can keep without considering the limitation of Law of 8 yrs. Many times old record helps.
contact@vkbajaj.co.in
Mr Anurag, Sunil and Bafna has answered clearly and correctly.
It is a matter of convenience if books beyond 8 yrs are kept. My experience says keep the books and other documents to the extent you can keep without considering the limitation of Law of 8 yrs. Many times old record helps.
contact@vkbajaj.co.in
Adv. R. B. Munot
(Expert)
30 October 2012
Agree with Mr. Sunil & Paras
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