TaxTMI 
TaxTMI 
How long to keep records
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....ow long to keep records<br> Query (Issue) Started By: - AJEET SINGH Dated:- 26-11-2014 Last Reply Date:- 27-11-2014 Other Topics<br>Got 3 Replies<br>Indian Laws<br>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 fo....
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....r 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 Reply By Naveed S: The Reply: Under the Companies Act, 1956, a company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year. Under Income Tax Act, assesses are requi....
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....red to preserve the specific books of account for a period of 6 years from the end of the relevant assessment year, i.e., for a total period of 8 previous years. Under Central Excise, records to be maintained for 5 years immediately after the financial year to which such records pertain. Under VAT, Each State has prescribed the accounts and records required to be maintained by a VAT dealer and t....
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....he provisions regarding preservation of such accounts and records e.g. dealers registered under Delhi VAT are required to preserve records and accounts for 7 years, from the end of the relevant assessment year. Reply By Vinayak Hegde: The Reply: Agreed to Mr. Naveed!!!But in case you are having any litigation at different level of authorities, then relevant documents needs to be preserved for you....
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....r reference is case required... Reply By Naveed S: The Reply: Yes Sir, absolutely right..<br> Discussion Forum - Knowledge Sharing ....