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Maintenance of books in electronic form

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(Querist)
14 November 2016 4th November 2016

Dear Members

In Form AOC-4 as well as in XBRL there is a column which states "whether company is maintaining books of accounts and other relevant books and papers in electronic form" - Yes or No"

Some of the companies I work for are maintaining books of accounts in "Tally Software". However cash vouchers, bank vouchers, bills....etc are maintained in physical mode. 

In such situation what is the answer we should select in Form AOC-4 - Yes or No.

with regards

Muralidharan
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Shudhanshu Agrawal

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Shudhanshu Agrawal (Expert)
14 November 2016 It is mandatory for a company to maintain books of accounts as per section 128 of the Companies Act, 2013. However, till now, maintenance of books in electronic mode is not mandatory. Rule 3 of the Companies (Accounts) Rules, 2014 lays down the procedure for books of accounts in electronic form. So, in my point of view, you can mention proper accounts maintained, if other things are proper and in order.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
14 November 2016 Yes, they are asking about books of accounts not vouchers, since you are maintained accounts in tally, you can mention yes.
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