Destroying of old Records

[Bhairob Chandra Bor]

Dear Exparts,

we need to destroy some old records. It includes sales tax, excise, service tax, all vouchers, Journal vouchers etc. as per law (IT, EXCISE, SERVICE TAX, Company law) what should be the minimum period to kept all the records. If we destroy some records which are more than 10 years old , what should be the legal procedure/documentation for doing so? Kindly advice.

Kind Regards,

bcb

[YAGAY andSUN]

Dear Bhirob,

You would have to preserve records for that year for which any adjudication, SCN, Court Case is still pending even if records are more than ten years old. Rest you may destroy according to the provisions of specific laws.

Regards

Team YAGAY and SUN

(Management and Indirect Tax Consultants)

AI Summary

Record retention: preserve records subject to pending adjudication; otherwise destroy only in accordance with applicable statute-specific retention rules. Records tied to any pending adjudication, show cause notice or court case must be preserved even if older than ten years; other records may be destroyed only in accordance with the retention periods and procedural requirements set out in the specific governing statutes (such as income tax, excise, service tax and company law).