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