preservation of books of accounts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 December 2009 What is period upto which the books of accounts including invoices, bills, vouchers should be preserved under income tax act and VAT law

CA SIDHARTH HIRALAL PATNI

CA SIDHARTH HIRALAL PATNI (Expert)
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31 December 2009 As per Income tax law books and accounts are to be preserved for 6 years but as per MVAT these are to be kept upto 10years

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 December 2009 Assessees are required to preserve the specified books of account for a period of 6 years from the end of the relevant assessment year, i.e., for a total period of 8 previous years.

Transfer Pricing documents and information specified under Rule 10D must be maintained for a period of 8 years from the end of the relevant assessment year, i.e., for a total period of 10 previous years.