Preservation-period of books of Accounts under Income tax Act
This query is : Resolved
14 January 2023
Sir, for how many years I have to keep / preserve my account books for the purpose of Income tax act, if my yearly turnover is more than 5.00 crores and my accounts are audited every year ?
15 January 2023
Assessees are required to preserve the specified books of account for a period of 6 years from the end of the relevant assessment year, i.e., for a total period of 8 previous years.
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16 January 2023
Sir, can you tell me under which section and rule, the above preservation period is prescribed ?
16 January 2023
Books of accounts as per Rule 6F
Books of accounts as per Rule 6F
16 January 2023
But sir, I have some confusion/doubt in this regard. Reading this rule, it appears that this rule applies only to professions only. Nowhere in this rule, the word "business" is mentioned . Please remove my doubt .
16 January 2023
It's also applicable to business.
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