Inventory records
This query is : Resolved
sakshi kalra
(Querist)
23 January 2014
Is maintaining Inventory records i.e. stock register is mandatory for a Private limited company??? If yes then under which Act or Law???
Nikhil Kaushik
(Expert)
23 January 2014
lets look at one by one:
1. Under VAT laws for eg Delhi, AP, Karnataka, WB, Punjab, Rajasthna require maintenance of stock register.
2. Once books of accounts are required to be maintained under income tax act, you shall be required to maintain stock register too as the Rule 6F includes maintenance of Journal and purchases
3. Companies Act anyways provide for proper maintenance of books. Without stock register books wont be proper and complete.
1. Under VAT laws for eg Delhi, AP, Karnataka, WB, Punjab, Rajasthna require maintenance of stock register.
2. Once books of accounts are required to be maintained under income tax act, you shall be required to maintain stock register too as the Rule 6F includes maintenance of Journal and purchases
3. Companies Act anyways provide for proper maintenance of books. Without stock register books wont be proper and complete.
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sakshi kalra
(Querist)
23 January 2014
Hey Nikhil I just want to know that if i dont make stock register is it any obligation to me....
Nikhil Kaushik
(Expert)
23 January 2014
This is what I answered Sakshi that directly or indirectly, acts does provide for maintenance of stock registers/books. The penalties of improper maintenance of books are provided in respective acts.
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09 February 2014
yes rightly said it is imp to maintain stock registers.
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