A private limited company is in existence for over twenty years. the company would like to destroy the old records. Can anybody advise the procedures laid down under the companies act as well as income tax act. Whether approval of the board is necessary. For how many years a company is to maintain the accounts records.
with regards
Muralidharan
The Accounts are to be kept for 7years
the accounts, documents and records are to be kept in good condition for at least 8 years as per companies act.
under Income tax Act u have to maintain 8 years from the end of the relevant assement year.How ever in case of Cash Book and ledger the period will be 16years.For Auditors sake u have to maintain 10 years.Under companies act u have to maintain not less than 8 years.
under Income tax Act u have to maintain 8 years from the end of the relevant assement year.How ever in case of Cash Book and ledger the period will be 16years.For Auditors sake u have to maintain 10 years.Under companies act u have to maintain not less than 8 years.
Under Income Tax Act 1961 u have to maintain 8 years from the end of the relevant assement year.How ever in case of Cash Book and ledger the period will be 16years.For Auditors sake u have to maintain 10 years.Under companies act u have to maintain not less than 8 years.
Overall keep -16years-as per above discussion
In the era of paperless office what should be the time limt?
YOU MEAN E-RECORDS-
YES.
CAclubindia
