1. Can we stop maintaining physical vouchers in Order to bring digital transformation in AP Function of accounts department.
2. Is maintaining physical vouchers mandatory by any law and statue in India.
Requesting experts comment on it.
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Can we Stop maintaining Physical Vouchers
Replies (4)
Quick Summary
SEC 128
Every company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the company, including that of its branch office or offices, if any, and explain the transactions effected both at the registered office and its branches and such books shall be kept on accrual basis and according to the double entry system of accounting
You must keep records for six years from the end of the last company financial year they relate to, or longer, if: they show a transaction that covers more than one of the company's accounting periods. the company has bought something that it expects to last more than six years, like equipment or machinery
@ Mr Mayank Jain.,
1. No...
2. Yes... Income Tax, Companies Act and Also in Indirect Taxes...
1. No...
2. Yes... Income Tax, Companies Act and Also in Indirect Taxes...
Mr.Mayank
1.No.
2
Its required by statute .
Companies Act ,Income tax
1.No.
2
Its required by statute .
Companies Act ,Income tax
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