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This question probably relates to income tax act 1961 India. Any authority on tax laws will be a competent person to answer this question.
- However, so far I know the documents of income and expenditures on the basis of which income tax returns filed every year by a person is to be retainedfor six years after the date of final assessment is made. But in some cases the income tax authorities do you believe the statement of accounts submitted by a person and put the case under scrutiny query and the period of premiums
What else can I help you with?
Retained earnings debit or credit?
Retained earnings are the profit of previous fiscal years and liability of business to return back to it's owner so it has a credit balance as of all liability accounts.
Do you close out retained earnings?
the accounting entry to transfer retained earning to balance sheet is as follows profit and loss appropriation a/c dr to capital account No. Retained Earnings in accumulation (of all years) of earnings. It appears on the balance sheet. Any account on the balance sheet is in essence rolled over from period to period (not closed out). What is closed out TO retained earnings are revenues, expenses, and dividend account (notice how they are all accounts that appear on the income statement).
How long keep invoices?
Invoices shall be kept upto a period of 6 years as required by the Income Tax Act, 1961 to maintain books of accounts and other supporting documents upto a period of 6 assessment years..
What are the reasons for not using retained earnings when starting a new business?
A new business has no retained earnings. Retained earnings are prior years earnings that have not been distributed to the shareholders... if it is a brand new business there is no possible way to have retained earnings at inception date.
How long will closed accounts remain on my credit report?
7 years from the DLA for "negative" accounts, and 10 years for accounts "in good standing".
Retained earnings debit or credit?
Retained earnings are the profit of previous fiscal years and liability of business to return back to it's owner so it has a credit balance as of all liability accounts.
How many years accordining to HIPAA must a health organization keep documents?
HIPAA requires that medical records be retained for 6 years from the date of creation or the last date the record was in effect.
How long should you keep documents relating to the purchase of your house?
Such document should be retained for the period of ownership. They may also be useful for tax purposes for up the seven years after the sale.
Do you sell personal or business Cash App accounts?
Yes! We offer both personal and business accounts. We use personal documents for personal account verification. And we use business documents for business cash app account verification. We do not use fake documents for verification. We use USA/UK/original citizen documents. That’s why you can use our all-verified cash app accounts for a minimum of 2 years without any issues. Buy Verified Cash App Accounts Whatsap :+1 (913) 701-7893 Skype : live:.cid.32b76ba857700527 ussmmstore
What is the retention rate for truth-in-lending documents?
Retention rate suggests that you are asking how often a set of documents are retained, which by law is 100% for lenders and unknowable for the consumer's copies. If you meant to ask what the length of time for retaining Reg Z and TILA documents is, the answer is: a period of "2 years from the date the disclosures are required to be given or action is required to be taken" Generally speaking most lenders retain the documents for the life of the loan plus 2 years.
Do you close out retained earnings?
the accounting entry to transfer retained earning to balance sheet is as follows profit and loss appropriation a/c dr to capital account No. Retained Earnings in accumulation (of all years) of earnings. It appears on the balance sheet. Any account on the balance sheet is in essence rolled over from period to period (not closed out). What is closed out TO retained earnings are revenues, expenses, and dividend account (notice how they are all accounts that appear on the income statement).
How many years for medical records to be retained?
it takes about 3 to 6 years
What documents required for loan syndication?
Last 3 years Audited Reports. Last 3 years ITR of Companies and all the Directors. Last 12 months bank Statement of all the banks where company is maintaining its accounts. Last 12 months bank Statement of all the Directors of all the accounts. Latest Sanction Letter. Property Documents which are to be mortgage. Debtors aeging as per bank norms. All the KYC documents. MOA and AOA of the Company. Shareholding Pattern on the Letterhead of the Company as on Date. Names and Address of the Directors of the Company as on Date. Debtors, Creditors, Stocks list as on date. Provisional Accounts, for unaudited period.
How long keep invoices?
Invoices shall be kept upto a period of 6 years as required by the Income Tax Act, 1961 to maintain books of accounts and other supporting documents upto a period of 6 assessment years..
How many years must a HIPAA document be retained by a health organization?
6 years
What pain has morrie retained for seventy years?
The death of his mother
What are the reasons for not using retained earnings when starting a new business?
A new business has no retained earnings. Retained earnings are prior years earnings that have not been distributed to the shareholders... if it is a brand new business there is no possible way to have retained earnings at inception date.
