Period of Preservation of Accounts/Records
under Different laws
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COMPANIES ACT
- A company is required to maintain its books of account
and vouchers for a period of 8 years immediately
preceding the current year.
- A S. 25 company is required to maintain its books of
account and vouchers for a period of not less than 4
years.
- The books and papers of the Amalgamated/Transferor
Company must be not be disposed of without the prior
permission of the Central Government.
- 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.
- 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.
- The Register and Index of Members must be maintained
permanently.
- The Register and Index of debenture-holders must
be maintained for 15 years after the redemption of
debentures.
- The copies of all Annual Returns and Certificates annexed
thereto must be maintained for 8 years from date of filing
with the ROC.
NBFC DIRECTIONS
- Every NBFC accepting public deposits must maintain a
Register of deposits for each branch and a consolidated
Register for 8 calendar years following the financial year
in which the latest repayment/renewal entry is made in
the Register.
- 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.
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. Thus, accounts must be maintained for
P.Y. 2008-09 and onwards and accounts up to 31st March,
2008 (P.Y. 2007-08) need not be maintained for income-tax
purposes.
- Period of six years gets extended if the assessment is
reopened u/s. 147, till the time assessment is completed.
- 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.
- 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.
CENTRAL EXCISE
- Records including books of account and source
documents and data in any electronic media must be
maintained for 5 years immediately after the financial
year to which such records pertain.
SERVICE TAX
- Records including books of account and source
documents and data in any electronic media must be
maintained for 5 years immediately after the financial
year to which such records pertain.
MAHARASHTRA VALUE ADDED TAX RULES
- Every Registered Dealer must preserve all books of
account, registers and other documents pertaining to
stocks, purchases, dispatches and deliveries of goods,
payment made and receipts towards sale or purchase
of goods for a period of not less than 8 years from the
expiry of the year to which they relate.
- In case where any proceedings are initiated, then the
dealer shall preserve books, till a final order is passed in
respect of the said proceedings.
SEBI REGULATIONS
- 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).
- 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.
- 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.
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
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