TaxTMI 
TaxTMI 
Dear All.
One of our unit closed in Dec-15 and RC was surrendered. The unit was started in Jul-14. Whether the audit will come for closed unit? All records to be kept at what period ?
For your valuable commends, Thanks in advance
Venkat
Audit for closed unit
31 Mar 2016 
2 Replies 
1416 Views Asked by
Limitation periods for excise assessment: two-year standard bar, five-year if fraud; retain records accordingly.
Assessment of a closed excise unit remains a deemed assessment; the department may issue notices within the ordinary limitation period unless fraud, collusion, or suppression of facts is involved, in which case an extended limitation period applies. Units below the small-scale turnover threshold are generally not subject to routine audit but may face audit if categorised as doubtful or selected randomly; records should be retained for the applicable limitation horizon. (AI Summary)
Assessment of a closed excise unit remains a deemed assessment; the department may issue notices within the ordinary limitation period unless fraud, collusion, or suppression of facts is involved, in which case an extended limitation period applies. Units below the small-scale turnover threshold are generally not subject to routine audit but may face audit if categorised as doubtful or selected randomly; records should be retained for the applicable limitation horizon. (AI Summary)