Preserve income tax records by employer

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Employers, including MNCs and third-party vendors, are legally obliged to preserve employee income tax records for a period of 6 years following the end of the relevant assessment year. This equates to a total of 8 previous years. This rule applies to all individuals and entities subject to income tax regulations.

shabeer khan

shabeer khan (Querist)
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15 June 2022 What is duration period for employer(an MNC or third party vendor) to preserve income tax records of employee as per income tax act ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 June 2022 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.

shabeer khan

shabeer khan (Querist)
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16 June 2022 Here assesses are individuals or employers ? Please also refer legal provision

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 June 2022 This rule applicable to all assesses.

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