Books of account compliance requires companies to maintain accrual-based double-entry records and permit director inspection and retention. Section 128 requires companies to keep books of account, other relevant papers and financial statements at the registered office or another notified place in India, maintained on an accrual basis and by double entry, with electronic records permitted. Branch compliance is achieved by keeping proper books at the branch and sending periodic summarized returns to the registered office. Books kept in India are open for director inspection during business hours, officers must assist inspections, and records must be retained for at least eight financial years subject to extension during investigations. Responsible officers face statutory fines for contravention.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Books of account compliance requires companies to maintain accrual-based double-entry records and permit director inspection and retention.
Section 128 requires companies to keep books of account, other relevant papers and financial statements at the registered office or another notified place in India, maintained on an accrual basis and by double entry, with electronic records permitted. Branch compliance is achieved by keeping proper books at the branch and sending periodic summarized returns to the registered office. Books kept in India are open for director inspection during business hours, officers must assist inspections, and records must be retained for at least eight financial years subject to extension during investigations. Responsible officers face statutory fines for contravention.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
