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

Document retention periods advised: indirect tax records five years plus one; income tax records seven years plus one.
Advisory response: for indirect taxes retain accounting books and supporting documents for five years plus one; for income tax retain accounting books and supporting documents for seven years plus one; these periods apply to private firms and manufacturing units.