period of maintaning books of accounts

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yogesh vijaykumar shah (Querist)

13 March 2011 Please tell me the period for which the assessee has to keep the books of accounts and other records under income tax act. Also give me advice what is the assessing officer's action if the books of accounts are destroyed by natural calamity.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

13 March 2011 The books of accounts and other documents shall be kept and maintained for a period of six years from the end of the relevant asst.year. Pl see rule 6F(5) and the proviso thereon.

CA Dhiraj Ramchandani

CA Dhiraj Ramchandani (Expert)

13 March 2011 Yup, for income tax act/rule its 6 years, while as per co. act its 8 years... And if books destroyed due to natural calamity, i think all possible evidences are to be presented against destruction.... Bt nywz, lets some other expert comment on this part....

VAMSI ASSOCIATES/S.PHANI RAJ

VAMSI ASSOCIATES/S.PHANI RAJ (Expert)

15 March 2011 the time limit for maintaining of accounting books and it will be shown to IT authorities up to 7 years
if any natural calamity is there we should produce the proof the same like paper cuttings, FIRs and others
and also the time limit for maintaining of books under companies act is 8 years

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