26 July 2008
Is there any provision related to no proper maintenance of books and accounts in branch or not periodic submission of books & accounts by branch to HO?
28 July 2008
Books of accounts as required to be maintained under various acts are supposed to be maintained,e.g, section 44AA of the INcome Tax Act or under the Companies Act. In case the accounting is decentralised and branches are supposed to have seperate books of accounts then these are to be maintained properly. Also, the interunit accounts should always be tallied or reconciled. Moreover, the HO may require certain statements on periodic basis as MIS or for the purpose of control and supervision.
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