How many years of income tax records should be kept?
Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to.
How long must the books of accounts be kept?
– All taxpayers are required to preserve their books of accounts, including subsidiary books and other accounting records, for a period of ten (10) years reckoned from the day following the deadline in filing a return, or if filed after the deadline, from the date of the filing of the return, for the taxable year when …
What is the limit for not maintaining books of accounts?
Where the income does not exceed Rs 1,20,000 or total sales, turnover or gross receipts are not more than 10,00,000 in all preceding 3 years — no books of account are required to be maintained.
How many years income tax records should I keep in India?
It is recommended that you maintain your income tax return records for at least 7 years after filing. What is the reason behind this? You must retain your records for the long term, even if you have followed the proper procedures and submitted your taxes appropriately.
What is the importance of keeping or preserving the books of accounts?
Maintaining regular books of accounts gives you your financial status at a glance. This helps in making important financial decisions. Loans, credit cards dues, and various other liabilities make it pertinent for everyone to have a check on the finances. You cannot make sound decisions without data.
Who is responsible for maintenance of books of accounts?
The following persons in a company will be responsible for maintaining book of accounts: Managing Director. Whole Time Director, in charge of Finance. Chief Financial Officer.
Who maintain books of accounts?
As per Rule 6F(1), any person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or authorised representative or film artist is required to maintain prescribed books of account and documents.
Can I file last 3 years ITR?
No, you cannot file an ITR for the last three years together, that is, in one year. In case you have missed the extended deadline fixed for filing your ITR, you can still file your ITR with a penalty through a ‘Belated Return’ which was first introduced in the Finance Act of 2017. FILE YOUR ITR NOW!
How long are books of account required to be preserved?
INCOME-TAX ACT, 1961 Assessees are required to preserve the specified 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.
When to preserve books under Income Tax Act?
Now Question arise as per Income Tax Act, Some CA’s give opinion on this that every person should preserve books of accounts and other documents for atleast 6 years from the end of relevent assessment year. They are giving there opinion by reading the following ,
How long do NBFCs have to preserve books of account?
NBFCs should maintain all necessary records of transactions for at least ten years from the date of cessation of transaction between the NBFCs and the client. Assessees are required to preserve the specified 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.
How long do transfer pricing documents have to be maintained?
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.