How long to keep records

[AJEET SINGH]

Dear Sir,

We are a manufacturing unit since 2004-05 and would like to know that how long we should keep Sales/Purchase and expenses file.

1. Our Sales tax assessment is done for 2004-5,2005-06 and 2010-11

2. Business audit is done for 2008-09

3. Issue based audit is done of 2009-10

Our Income tax assessment is done for the year of 2009-10 and 2010-11

Kindly suggest.

Ajeet Singh

9324502656

AI Summary

Record retention periods under statute: Companies Act eight years, Income Tax six years, Central Excise five years, VAT varies.
Statutory record-retention obligations require companies to maintain books and vouchers for a multi-year period under the Companies Act; taxpayers must preserve books of account for a defined period under the Income Tax Act; Central Excise prescribes a shorter retention period from the end of the relevant financial year; VAT preservation periods are state-specific and may be longer in some jurisdictions. Documents relevant to audits, assessments or litigation should be retained as needed.