Period of books of accounts required to be maintained
This query is : Resolved
20 September 2011
We(company) have filled ROI since the A.y-2001-02 to till A.y.& also keep the record of those A.y.
My question is , how many year we need to keep the Closed books of accounts & related records,as per company act & incometax act.
My question is , how many year we need to keep the Closed books of accounts & related records,as per company act & incometax act.
20 September 2011
1) As per companies Act,1956, books of accounts and vouchers of eight years had to be preserved.
2) As per Income tax Act,1961, six years account books and bills and vouchers had to be preserved if no litigation is pending for prior to six year's accounts.
2) As per Income tax Act,1961, six years account books and bills and vouchers had to be preserved if no litigation is pending for prior to six year's accounts.
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