02 January 2010
Company is having SAP for maintaing books of accounts.Under 3CD report it is compulsory to mention books of account maintained and examined under clause 9a & 9b.As there are not books to be maintaining in SAP seperately except Cash book and General Ledger than what will be the remarks under this caluse. Is there any standard wordings of any company having SAP who have mentioned in 3CD report.Generally in 3CD report we mention seperate books of accounts bu twhat in SAP except these two?
03 January 2010
Section 2(12A) of the Income tax Act,1961 contains an inclusive definition for books of accounts.Accordingly, books of accounts can also be kept in electro-magnetic data storage device. So maintaining account books is SAP is permissible under the said act. Coming to clause 9b of form 3CD, please mention therein that cash book and general ledger are maintained using SAP.
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