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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Querist : Anonymous (Querist)
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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