Cleaning of Books of Accounts and their Worship on the eve of Diwali!

CA Umesh Sharma | Last updated: 30 October 2023

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As Diwali approaches, it's a timely reminder for businesses to declutter and manage old financial records. This guide explains the legal requirements for maintaining books of accounts under various Indian acts, including the Income Tax Act, GST Law, and Companies Act. It details the periods for record retention, the implications of non-compliance, and the significance of diligent financial record-keeping in line with the spirit of Diwali.

Arjuna (Fictional Character): Krishna, with Diwali approaching, I see many preparing their homes and businesses for the celebration. As people engage in cleaning and renewing their spaces, can you guide us on how to handle old financial records under the various Acts? This will help businesses declu

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About the Author

CA Umesh Sharma

Partner

Name: - UMESH RAMNARAYAN SHARMA. Residential Address: - 16, Motisagar, Samarthnagar, Aurangabad. Ph :- 2332846. Mobile:9822079900. Head Office Address: - R.B.Sharma Co. Chartered Accountants. Block No 7-10, 2nd Floor, Shangri-La Complex, Samarth Nagar, Aurangabad. Ph :- 2332511,2338388. Email:- rbsha ... Read more

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