Retention of financial record


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Querist : Anonymous

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12 January 2010 Can you advise me for how many years financial records needs to be retained as per income tax rule.

12 January 2010 it is 7 years from the end of financial year to which the books relate

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Querist : Anonymous

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12 January 2010 Dear Rajesh, thanks for the answer, can you quote the IT section

14 January 2010 yes, section 44AA relates to this and also see Rule 6(F) which says 6 yrs from the end of Assessment Year. And, if there is any reopening of assessment say under 147, the books should be retained till the completion of assessment.

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Querist : Anonymous

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14 January 2010 Thanks a lot.


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