Database of books of accounts

270 views

Save Share

Join Us Follow Us Add as Source

Premnath. M

Executive IT

43 Points Posted on 15 November 2016

Hi All,

Do any one know whether the database of books of accounts of a company to be maitained physically in India?

As far as I read the companies act requires the accessibility of the data from India.

Is there a new regulation proposed to maintain the database of foreign/domestic companies within India?

Thanks for your reply in advance

Regards,

Premnath. M

Replies (3)

CA VIRAL SANGHVI

Finance head

569 Points Posted on 15 November 2016

See one can maintain the data electronically in hard disk or in computer there is no bar for it.

It is as equal to physical data and accessible also.

INFORMATION TECHNOLOGY ACT,2000 SAYS THAT

4. Legal recognition of electronic records –

Where any law provides that information or any other matter shall be in writing or in the typewritten or printed form, then, notwithstanding anything contained in such law, such requirement shall be deemed to have been satisfied if such information or matter is-

(a) rendered or made available in an electronic form; and

(b) accessible so as to be usable for a subsequent reference.

Premnath. M

Executive IT

43 Points Posted on 15 November 2016

Hi Viral Sanghvi,

Thanks for your reply.

The reason for my question is, we heard about a new regulation coming up to maintain the database of such books of account in India for the companies operating in Indian territory.

I read the same details as provided by you, together with that I also read, we should keep the backup of the data in India.

Apart from this I dont have any information to maintain the database in India itself.

Hence I wish to know whether any such new regulation is proposed by Govt or any other bodies in India.

Regards,

Premnath. M