For how much longer period the Books of Accounts,Invoices, Excise Records,VAT Records,other Documents etc is to be kept by the Assesse from the following angles as
i) under Income tax Act/law
ii) under Excise Law
iii)under Vat Act/Law
that is for Assessment purposes
Financial Records Retention: 8 Years (Companies Act), 6 Years (Income Tax), 5 Years (Excise), 7 Years (VAT, Delhi) A query was raised regarding the duration for which various financial records must be maintained for assessment purposes under different laws. The response outlined that under the Companies Act, 1956, records must be kept for 8 years. The Income Tax Act requires records for 6 years from the end of the assessment year, totaling 8 previous years. Central Excise law mandates a 5-year retention period after the relevant financial year. VAT requirements vary by state; for instance, Delhi mandates a 7-year retention from the end of the relevant assessment year. (AI Summary)
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