TaxTMI 
TaxTMI 
Dear Experts, Please suggest and quote any notification/circular regarding all legal financial records maintain by the company. Thanks
Time period for Accounts/Income tax/Excise Record
14 Dec 2013 
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Record retention obligations determine limitation for tax assessments and service tax show cause notices under reopening rules.
Companies must retain books of accounts and related documents for at least six years from the end of the relevant assessment year; this retention interplays with reopening powers that allow notices within extended periods when income has escaped assessment or where foreign located assets are involved. For central excise and service tax, an extended limitation applies where short levy, non levy, short payment, non payment, or erroneous refund results from fraud, collusion, willful misstatement, suppression of facts, or deliberate contravention, permitting issuance of show cause notices within five years from the relevant date. (AI Summary)
Companies must retain books of accounts and related documents for at least six years from the end of the relevant assessment year; this retention interplays with reopening powers that allow notices within extended periods when income has escaped assessment or where foreign located assets are involved. For central excise and service tax, an extended limitation applies where short levy, non levy, short payment, non payment, or erroneous refund results from fraud, collusion, willful misstatement, suppression of facts, or deliberate contravention, permitting issuance of show cause notices within five years from the relevant date. (AI Summary)