Accounts Books to Keep

[Ajay Kedia]

Please let me know the minimum nos. of year's books of acccounts ( alongwith all supporting

documents) to be kept for records as per I.T ACT in case of private firms , manufacturing  unit.

Is it 5+1 , 6+1 or 10+1 years.

regards

Ajay

AI Summary

Clarification on document retention: 5+1 years for indirect taxes, 7+1 years for Income Tax for firms and units. A query was raised about the duration for which books of accounts and supporting documents must be retained under the Income Tax Act for private firms and manufacturing units. The options considered were 5+1, 6+1, or 10+1 years. In response, it was clarified that for indirect taxes, the retention period is 5+1 years, while for Income Tax, it is 7+1 years. These periods apply equally to both private firms and manufacturing units.