CA IN PRACTICE... ( CA ) (490 Points)
23 February 2010Dear Friends
What is the time limit for the maintain and holding of books for
1. Individual / Sole Proprietor.
2. Firms
3. Companies
4. Trusts
5. Cooperative societies
Both in audit case and non audit case
Also clear that if time limit exceeded and there found any entry mistake
shall the firm or individual is liable as per or income tax act
Please reply its urgent.
Amir
(Learner)
(4016 Points)
Replied 23 February 2010
Dear Gopal,
I think -
Income tax law - Irrespective of assesse - generally specify 6 year (8 years in case of Transfer Pricing) from the end of AY that Practically means around 7 (or 9) years...
Apart from this Company law prescribes retyention of Books for last 8 years............
I don't think Partnership Act provides for any period of retention of Books..........
Rest I m not sure.......
Amir
(Learner)
(4016 Points)
Replied 23 February 2010
Dear Gopal,
Regarding ur 2nd query discovery of mistake after the expiration of period of retention.....
Brother, In income tax, period of retention has role to play only if Time limit of Notices /Asseseements/ Reassessments is there........If these time limit has expired then AO cannot do anything....
CA IN PRACTICE...
( CA )
(490 Points)
Replied 23 February 2010
CAclubindia
