02 December 2009
Dear Sir/Madam We are maintaining books of accounts of our compnay on computer system. i want to know whether it is compuslory to print books of accounts and get closing balances signed by auditor. kindly give reference of relevent provisions.
02 December 2009
Section 2(12A) of the Income tax Act,1961 permits to maintain books of accounts using computer system. Keeping printouts signed by Auditors is an accepted practice as part of good governance.
05 December 2009
Dear Sir, Thank you for Reply. but your reply is not Specific. You have not mentiined position under companies act. You say it is healthy practice but it is compulsury under companies act or not? Kinldy clearify furhter.