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of <h1>Companies Must Maintain Accurate Financial Records for 8 Years; Non-Compliance Leads to Fines Up to 5 Lakh</h1> Every company must maintain books of account and financial statements at its registered office, ensuring a true and fair view of its affairs, including branch transactions, on an accrual and double-entry basis. These records can be kept elsewhere in India if the Board decides, with notification to the Registrar. Companies may also maintain records electronically. Branch offices must keep transaction records and send summaries to the registered office. Directors can inspect these records, and employees must assist during inspections. Records must be preserved for at least eight years. Non-compliance by responsible officers may incur fines ranging from fifty thousand to five lakh rupees.
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