TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Section 541: Officers face up to 1-year imprisonment for failing to maintain proper company accounts under Companies Act, 1956.</h1> Section 541 of the Companies Act, 1956 addresses liability for failing to maintain proper accounts. If an application is made to the Tribunal under sections 397 or 398 and it is shown that a company did not maintain proper books of account for the two years preceding the application, or since incorporation, any defaulting officer may face up to one year of imprisonment unless they prove their actions were honest and excusable. Proper books must detail daily cash transactions and, if applicable, include annual stock statements and records of goods transactions to identify buyers and sellers.
TaxTMI 
TaxTMI 
