Companies Act, 1956
- A company
is required to maintain its books of account and vouchers for a period of 8 years
immediately preceding the current year. As per sub section 4A of section 209.
- Licensed
Companies u/s 25 of The Companies Act, 1956 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.
Income-tax Act, 1961
- Assessees
are required to preserve the specific 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 PY
2002-03 and onwards and accounts up to 31st March, 2002 (PY 2001-02) need
not be maintained for Income-tax purposes.
- Transfer
Pricing documents and Information specified under Rule 10 D 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.
Central Excise
- Daily stock
Account of goods produced must be maintained for 5 years immediately after
the financial year to which such records pertain.
Service Tax
- Records
maintained under various other laws in force from time to time would be
acceptable.
Maharashtra Value Added Tax Rules
- Every
Registered Dealer must preserve all books of account, registers and other
documents relating to stocks, purchases, dispatches and deliveries of
goods, payment made and receipts towards sale or purchase of goods for at
least 5 years from the expiry of the year to which they relate.
SEBI Regulations
- Under the
SEBI Regulations for Stock Brokers, Merchant Bankers, Portfolio Managers,
Underwriters, Debentures 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.
- 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.
