23 August 2013
Hi friends is there any circular / notifications regarding procedure to be followed when books of accounts destroyed by fire / white ants? Please help.
23 August 2013
there is no such procedure officially declared by any1. you need remake all the books of a/c with a back copy in pendrive or such thing.
23 August 2013
Even though books of accounts was destroyed,,you might have maintained books of accounts electronically . . with that help final accounts of company can be constructed . . however auditor may give "disclaimer of opinion" as it is not possible to express opinion in such cases
23 August 2013
Which state vat act? There are limitations (minimum period) of book keeping as per the Excise Act, VAT act and of course IT Act. As explained by the experts, you must ensure that all your records are kept in electonic form also.
you mandatorily required to inform to all such departments(VAT,EXCISE,...),, . . because just a month back one of my client place lost everything except electronic records . . they informed to excise dept,and vatdept that books of account was destroyed,,concerned official made a visit to premises of company and has given some certificate . . i recommend you to take such precautions so that it may not create problem there after,,,and . . i recommend you to take a photos of destructed records ,,and in case of fire of company mandatory to give police complaint and get all requirements done for purpose and to the satisfaction of all statutory departments and for insurance company where ever it is applicable
CAclubindia
