Time period for Accounts/Income tax/Excise Record

[RAM SHARMA]

Dear Experts, Please suggest and quote any notification/circular regarding all legal financial records maintain by the company. Thanks

AI Summary

Companies Must Keep Tax Records for 6 Years Per Income-tax Rule 6F(5); 5 Years for Excise and Service Tax. A user inquired about the retention period for legal financial records maintained by a company, specifically regarding income tax and excise records. An expert responded that, per Income-tax Rule 6F(5), books of accounts and documents should be kept for at least six years from the end of the relevant assessment year. Additionally, Section 149 details conditions under which assessments can be reopened, with varying time frames based on the circumstances. For central excise and service tax, a five-year retention period applies, particularly in cases involving fraud or intent to evade tax.