INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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How long are businesses required to keep their records?
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On seasonal basis
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Varies greatly
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Indefinitely
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One year
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Explanation:
Detailed explanation-1: -INCOME-TAX ACT, 1961 Assessees are required to preserve the specified books of account for a period of 6 years from the end of the relevant assessment year, i.e., for a total period of 8 previous years.
Detailed explanation-2: -The retention period is how long a record must be kept by the University to meet state and federal laws.
Detailed explanation-3: -There are two main ways in which business records can be kept: manual record keeping and computerized (or automated) record keeping.
There is 1 question to complete.