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Time Period for which Books should be preserved

 
Every year the record of books of accounts grows up and the cupboards get filled up more and more. Every assessee wants to know for how many years he should keep the records of his books of accounts.
 
Rule 6F (5) provides that the books of accounts and other documents are to be kept for at least 6 years from the end of relevant assessment year. In simple words, record for one financial year will be kept for 7 years and after that you are not required to keep it as per law. However, if assessment proceedings for a previous year are re-opened by the Income Tax department, its books have to be maintained till that is not completed and closed.