Keeping of accounts records

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 

Replies (2)
Quick Summary
This discussion addresses the crucial question of how long businesses in India must retain their accounts and commercial records. It clarifies legal requirements under the Companies Act, GST Act, and Income Tax Act. Generally, records need to be kept for 6 to 8 years, with the Companies Act suggesting 8 years from the end of the financial year as a safe practice.

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.

IT IS AS PER COMPANIES ACT

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