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Books of Accounts in Electronic Form

Books of Accounts in Electronic Form

A Company may keep books of account in electronic mode in such manner as may be prescribed in the Rule 3 of Companies (Accounts) Rules, 2014.

For the purposes of this rule, the expression “electronic mode” includes “electronic form” as defined in clause (r) of sub-section (1) of section 2 of Information Technology Act, 2000 (21 of 2000) and also includes an electronic record as defined in clause (t) of sub-section (1) of section 2 of the Information Technology Act, 2000 (21 of 2000).

Section 2(13) of the Act -“books of account” includes records maintained in respect of-

(i) all sums of money received and expended by a company and matters in relation to which the receipts and expenditure take place;

(ii)  all sales and purchases of goods and services by the company;

(iii) the assets and liabilities of the company; and

(iv) the items of cost as may be prescribed under section 148 in the case of a company which belongs to any class of companies specified under that section;

Manner of maintenance of books of account in electronic mode

The books of account and other relevant books and papers maintained in electronic mode shall remain accessible in India so as to be usable for subsequent use. Such books of account and other relevant books and papers shall be retained completely –

  • in the format in which they were originally generated, sent or received, or
  • in a format which shall present accurately the information generated, sent or received and

the information contained in the electronic records shall remain complete and unaltered.

Important aspects of maintenance of books of accounts in electronic form –

The information received from branch offices shall not be altered and it shall be kept in a manner where it shall depict what was originally received from the branches.

The information in the electronic record of the document shall be capable of being displayed in a legible form.

There shall be a proper system for storage, retrieval, display or printout of the electronic records as the Audit Committee, if any, or the Board may deem appropriate. Such records shall not be disposed of or rendered unusable unless permitted by law.

The back-up of the books of account and other books and papers of the company maintained in electronic mode, including at a place outside India, if any, shall be kept in servers physically located in India on a periodic basis.

The company shall intimate to the Registrar on an annual basis at the time of filing of financial statement-

(a) the name of the service provider;

(b) the internet protocol address of service provider;

(c) the location of the service provider (wherever applicable);

(d) where the books of account and other books and papers are maintained on cloud, such address as provided by the service provider.

In order to maintain the books of accounts in electronic form, every company has to comply with the requirements as aforesaid mentioned.

Books of Accounts in Electronic Form



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