Keeping books of accounts safely

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 May 2016 Dear Experts,
our firm's assessment
For AY 2015-16 has been done.. pls let
Me know how long will i have to keep the
Book of accounts safely.. weather till 5
year or forever, i mean is there any specific period
In IT that after how many year the IT will
Not ask us to produce the books of accounts,

Thanx & Regard
Vinay Nigam

Rupesh Jain

Rupesh Jain (Expert)
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17 May 2016 under Income-tax Act, 1961
All assessees are required to preserve the specific books of accounts for a period of 6 years from the end of the relevant assessment year, i.e., for a total period of 8 financial years from the end of the relevant Year.

Putting it simply, as on the date of wrting this article, you should have kept and preserved your books and records of 31 Mar 2008. Anything before that may not be needed anymore at least for Income Tax purposes.

Transfer Pricing documents and Information specified under Rule 10 D must be maintained for a period of 8 years from the end of the relevant assessment year , i.e., for a total period of 10 financial years.

Querist : Anonymous

Querist : Anonymous (Querist)

17 May 2016 Sir... pls tell me accounts of FY 2015-16
How long will i have to preserve it..
weather till 2023 or 2024

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