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Corporate Laws Corporate Governance Committee The Institute of Chartered Accountants of India ANNOUNCEMENT Sub: Amendment in the Companies (Accounts) Rules, 2014 relating to availability of books of account and other relevant books and papers maintained in electronic mode at all times and also details of person in control, if service provider is located outside India. This is to inform you that the Ministry of Corporate Affairs vide its notification dated 5th August 2022 has amended t
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FAQ :
The main change relates to the availability and maintenance of books of account and other relevant papers maintained in electronic mode, ensuring they are accessible in India at all times and introducing new requirements for audit trails and data backups.
The requirement for accounting software to have features for recording audit trails and edit logs, which cannot be disabled, applies to financial years commencing on or after April 1, 2022.
Companies must now ensure that backups of their electronic books of account and other relevant papers are kept on servers physically located in India on a daily basis, even if the primary data is stored outside India.
If a service provider is located outside India, companies must provide the name and address of the person in control of the books of account and other relevant papers within India.
No, the rules state that books of account and other relevant papers must be retained completely in the format in which they were originally generated, sent, or received, or in a format that accurately represents the original information, and the data must remain complete and unaltered.
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