To store your data in compliance with GoBD using TeamDrive, please follow these steps:

Set up a TeamDrive account:

  • Create a TeamDrive user account.
  • Log in to the TeamDrive app with your credentials.

Create a Space:

  • Click on “Create Space.”
  • Enter a suitable name for the Space.
  • Then, click on “Show Advanced Options” at the bottom.

Set the retention period:

  • Enable the “Retention Period” feature.
  • Select a period of, for example, 10 years or another duration to ensure GoBD compliance. (We highly recommend consulting with your tax advisor in order to find out the proper duration for your specific case.)

Enable deletion protection:

  • Activate the “Prevent file deletion before the retention period expires” feature.

This setting is mandatory, as data will not be GoBD-compliant without it.

Complete the storage setup:

  • Click on “Create Space” to finalize the setup.

Update procedural documentation:

  • Document the archiving of your financial data (e.g., invoices) in your procedural documentation.
  • It is recommended to discuss the content of the procedural documentation with your tax advisor.

This serves as proof of proper archiving in accordance with GoBD requirements.

By following these steps, you ensure that your data is stored in a tamper-proof and GoBD-compliant manner in TeamDrive.