Is there any time limit to maintain books of accounts?
Is there any time limit to maintain books of accounts?
Alex T Sunny
It is mandatory for the companies to maintain the books of accounts for at least 5 years.
Jenifer. Lovely
Yes, there is a specific time limit for maintaining books of accounts. According to the laws businesses are required to retain their books, records, and accounting documents for a minimum period of 5 years from the end of the financial year to which they relate. This means that all financial records and documents must be kept for at least 5 years, and failure to do so may result in penalties or legal consequences. It's important for businesses to adhere to this requirement to ensure compliance with regulations of the country.
Bryce Dsouza
In the UAE, it is a general requirement for businesses to maintain their records for no less than five years. The Commercial Companies Law states that the Audit of Accounts is necessary for all companies in the mainland.