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.
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 .
CAclubindia
