How long Accounts and Records are required to be preserved under various existing laws – A short Compilation

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How long Accounts and Records are required to be preserved under various existing laws - A short Compilation

How long Accounts and Records are required to be preserved under various existing laws – A short Compilation

  1. GST- Section 36 of the CGST Act, 2017

Who is required to maintain?-  Every registered person.

Ø 6 years from the due date of furnishing of annual return, or

Ø 1 year after final disposal of such appeal or revision or proceedings or investigation.

2. Income Tax Law- Rule 6F of the Income Tax Rules Who is required to maintain?- Persons carrying on certain professions u/s 44AA(3)

Ø 6 years from the end of the relevant assessment year, or

Ø If the assessment is reopened under Section 147 of the Act, till the time assessment is completed.

3. Income Tax Law- Rule 10D of the Income Tax Rules

Who is required to maintain?- Every person who has entered into an international transaction or a specified domestic transaction.

8 years from the end of the relevant assessment year

4. Company Law- Section 128(5) of the Companies Act

  • 8 financial years immediately preceding a financial year

5. Company Law: Section 239 of the Companies Act, 2013

Who is required to maintain?- Every company which has been amalgamated with, or whose shares have been acquired by, another company.

The records shall not be disposed of without the prior permission of the Central Government.

6. Company Law- Section 347 of the Companies Act 2013

Who is required to maintain?- A company which has been wound-up and of its liquidator

for a period of 5 years from the date of its dissolution

7. SEBI Guidelines- Regulation 18 of SEBI (Stock Brokers & Sub-brokers) Regulations

Who is required to maintain?- Every stock broker

Minimum period of 5 years

8. SEBI Guidelines- Regulation 15 of the SEBI (Registrars to an Issue and Share Transfer Agents) Regulations

Who is required to maintain?- The registrar to an issue or share transfer agent

Minimum period of 3 years

9. SEBI Guidelines- Regulation 50 of the SEBI (Mutual Funds) Regulations

Who is required to maintain?- Every asset management company

Minimum period of 8 years

10. Prevention of Money-Laundering Act – Section 12 of PMLA

5 years from the date of transaction

2 COMMENTS

  1. Incisive , needs to be sent to PMO with cc to CBDT, MCA, LAW MINISTER. There has to be a unformity under all laws , in my opinion..

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