Hello Gentlemen
We have been keeping all records related to accounts and commercials since the inception of the company, in 2014. As the records accumulate, we need to identify space for keeping all the old records. I just want to know, how many years we need to keep the records alive. If so, can we destroy all other records? Is there any legal requirements in India to keep records for so many years
Your response will be very much appreciated
In accordance with company law, books should be maintained for a period of 8 years from the end of the relevant financial year. According to the GST Act, every registered taxable person must maintain their account books and records for at least 72 months (6 years), counted from the last date of filing the Annual Return for that year. As per the Income Tax Act, books of account and documents should be kept and maintained for a period of 6 years from the end of the relevant assessment year
Safer side we should maintain 8 year for end of FY.
Chirag N Shah & Associates
Mumbai
CA Inter
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CAclubindia
