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Law of limitation Act- require certain documents to preserved for a particular duration.
Evidence Act- same conditions.
Company Law and Taxes-no exception.
Our practice/ procedures /pending litigation (s) all need be considered for a decision in this regard.
In many banks the vouchers and records are preserved for a minimum of10 years. In our company we used to preserve all records for a minimum of7 years.
In cases of items which are seemingly to important/and unresolved issues the records are kept for a permanent basis.
In case of Financial statements: it will always be helpful to keep the documents through the life period. And for verifiable vouchers-maximum the period, the more on the safer side--but preferably a minimum period of7 years from the date of the completion of the transactions always be better.
