period of maintaning books of accounts
This query is : Resolved
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.
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.
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....
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
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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