Different Law : Different years for preservation of Books of Accounts & Records under Different laws

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Different Law : Different years for preservation of Books of Accounts & Records under Different laws

There are different statue which prescribed for different period for keeping the records and books of accounts as under:
INCOME-TAX ACT, 1961
  1. Assessees are required to preserve the specified books of account for a period of 3 years from the end of the relevant assessment year.
  2. Period of six years gets extended to ten years if the income escaping assessment is likely to be Rs. 50 Lakh or more and is represented in the form of some assets.
  3. Transfer Pricing documents and information specified under Rule 10D must be maintained for a period of 8 years from the end of the relevant assessment year, i.e., for a total period of 10 previous years.
  4. In a case where any income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax has escaped assessment for any assessment year — 16 years from the end of relevant assessment year.
GST ACT
As per the GST Act, every registered taxable person must maintain the accounts books and records for at least 72 months (6 years). The period will be counted from the last date of filing of Annual Return for that year.
COMPANIES ACT
  1. A company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year.
  1. Section 8 companies are also required to maintain its books of account and vouchers for a period of not less than 4 years.
  2. The copies of all Annual Returns and Certificates annexed thereto must be maintained for 8 years from date of filing with the ROC.
  3. The books and papers of the Amalgamated/Transferor Company must be not be disposed of without the prior permission of the Central Government.
  4. The books and papers of a company which has been wound-up and of its liquidator shall not be destroyed for a period of 5 years from the date of its dissolution. They may be destroyed earlier with prior Central Government permission.
  5. The Register and Index of Members must be maintained permanently.
  6. The Register and Index of debenture-holders must be maintained for 15 years after the redemption of debentures.
  7. Every Company (not being an NBFC) accepting public deposits must maintain a Register of deposits for 8 calendar years from the financial year in which the latest entry is made in the Register.
ICAI – COUNCIL’S DECISION OF 1957
CAs should preserve records relating to audit and other work done by them, routine correspondence and other papers for a minimum period of 10 years
SEBI REGULATIONS
  1. Under the SEBI Regulations for Stock Brokers, Merchant Bankers, Portfolio Managers, Underwriters, Debenture Trustees, FIIs, Custodian of Securities and Depository Participants the Records prescribed by SEBI under relevant Regulations must be maintained for a minimum period of 5 years. In case of any investigation by CBI or police books and records to be maintained up to settlement of case (see circular dated 4-8-2005).
  1. Under the SEBI Regulations for Venture Capital Funds and Mutual Funds the records prescribed by SEBI under relevant Regulations must be maintained for a minimum period of 8 years.
  2. SEBI Regulations for Registrar & Transfer Agents and Bankers to an Issue the records prescribed by SEBI under relevant Regulations must be maintained for a minimum period of 3 years.

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