Question

What sort of records should be kept according the Taxation Administration Act 2005?   How long must these records be kept for? ( Approximate Word Count 20)

Answer 1

The records to be maintained as per taxation administration act 2005 is :-

If tax payer is artificial person created by law or holding any unregistered bussiness then

1. All the financial statements and all supporting evidence of the financial statements.

2. All tax assessment records

3. All tax deducted at source and tax collected at source challans and certificates.

4. All bank statements related to bussiness accounts

5. All carbon copies of receipts issued to customers and recieved from expenditure.

If any other persons or salaried employees :-

All documents related to the income like salary statement, form 16 and form 16A statements.

All these records are to be maintained for 8 Years from the date of return of income is filed.

the records to be maintained for 8 previous years from the date of filing of return of income.

these are all the information required to solve the above given question.

I hope, all the above given information and explanations are useful and helpful to you.

Thank you.