Books or books of accounts

[DEVKUMAR KOTHARI]

From Income-tax Act 1961 Definitions. 2. In this Act, unless the context otherwise requires,— xxxx [(12A) 'books or books of account' includes ledgers, day-books, cash books, account-books and other books, whether kept in the written form or as printouts of data stored in a floppy, disc, tape or any other form of electro-magnetic data storage device;] From the above definition it can be construed that soft copies or data stored in computer etc. are not books or books of account. Only print outs can be considered as books or books of account. This is from use of words 'whether kept in the written form or as printouts of data ...' Readers views are invited. From government- If such an interpretation is not intended, then there should be a suitable amendment as soon as possible and not after the courts so decide.

AI Summary

Debate on Income-tax Act: Are Electronic Records Valid as 'Books of Account'? Section 4 of IT Act Supports Inclusion. A discussion was initiated regarding the definition of 'books or books of account' under the Income-tax Act, 1961, which includes ledgers and other records, whether in written form or as printouts of data stored electronically. The interpretation suggests that only physical printouts qualify as books of account, excluding electronic records. A reply referenced Section 4 of the Information Technology Act, 2000, which grants legal recognition to electronic records, stating that electronic formats satisfy requirements for written or printed forms, thus implying that electronic records should be considered valid books of account.