Audit-Proofing Your Business: Best Practices for Receipt Storage

In business accounting, maintaining accurate records of receipt vouchers, bills, and payment vouchers is essential. Without proper documentation, income tax auditors can disallow operational expenses, leading to higher tax liabilities and penalties.

Statutory Retention Mandates

• Income Tax Act (India): Section 44AA mandates retaining books of accounts and receipt vouchers for at least **6 years** from the end of the relevant assessment year.
• GST Law: Section 36 of the CGST Act requires keeping accounts and records for **72 months (6 years)** from the due date of filing the annual return.

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