Preservation of accounts
This query is : Resolved
10 October 2012
Hello,
A Proprietor has kept records of 15 years in his office and wants to remove the data for the years in which it not required. What is the maximum time period for maintenance of books under all relevant Acts(i.e. Income Tax, Maharashtra VAT, CST, Service Tax, Profession Tax etc.)?
A Proprietor has kept records of 15 years in his office and wants to remove the data for the years in which it not required. What is the maximum time period for maintenance of books under all relevant Acts(i.e. Income Tax, Maharashtra VAT, CST, Service Tax, Profession Tax etc.)?
10 October 2012
16 years (at least the ledger / journal has to be available for that much time). However, if there is process pending or reopened for any period, you cannot destroy those records even if the 16 years has lapsed.
For other records it is 8 years. However, if there is a process in the meantime before the 8 years lapses (raid or reopening) you have to keep them for upto 8 years after the end of the FY in which the process is over.
Only CBDT has the power to reopen till end of 16 years.
For other records it is 8 years. However, if there is a process in the meantime before the 8 years lapses (raid or reopening) you have to keep them for upto 8 years after the end of the FY in which the process is over.
Only CBDT has the power to reopen till end of 16 years.
10 October 2012
Isn't this 16 year period only if you have foreign transactions? I remember in the recent budget they increased the time limit for re-opening of assessments for 16 years only for those with foreign transactions?
If there are no foreign transactions, what is the limit?
If there are no foreign transactions, what is the limit?
10 October 2012
the required period 8 years
11 October 2012
yashsr that was specific for foreign transaction due to the capital gains like vodafone. Only CBDT has the power to reopen 16 years and 16 years if for records of ledger and journals. Other vouchers and sales book and purchase book and bills etc. was 8 years but that it seems is 10 years. The law is for all to keep ledger for 16 years not just foreign transaction.
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