leela naga kumar (CA, CMA) (94 Points)
22 December 2012hey friends
can anybody tell me the reason for preserving the books of accounts for 8 years under companies Act?
Is there any logic/intention there for 8 years? why can't it be 7 years or 9 or 10 years?
or its just like that?
CA Paritosh Jaisalmeria
(Doing CFA-USA)
(90 Points)
Replied 22 December 2012
To my knowledge, it is 10 years. Still, i am not aware of any amendments.
CS Amit Kumar
(CS)
(463 Points)
Replied 23 December 2012
Dear , you are right we have to preserve it for eight year but it is not right for some case as minutes book life time and some others are there for life time.
and there is no answers for why, becoz act says if act says for 7 or 77 or 777 years then what can we do.
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