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TMI BlogMaintenance of accounts by registered persons [ Section 35(1) ]X X X X Extracts X X X X X X X X Extracts X X X X ..... g manufacturing, trading and provision of services, etc. (3) Every registered person, other than a person paying tax under section 10, shall maintain accounts of stock in respect of each commodity received and supplied by him, and such account shall contain particulars of the opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and balance of stock including raw materials, finished goods, scrap and wastage thereof. (4) Every registered person shall keep and maintain a separate account of advances received, paid and adjustments made thereto. (5) Every registered person, other than a person paying tax under section 10, shall keep and maintain an account, containing th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , a log of every entry edited or deleted shall be maintained. (10) Each volume of books of account maintained by the registered person shall be serially numbered. (11) Unless proved otherwise, if any documents, registers, or any books of account belonging to a registered person are found at any premises other than those mentioned in the certificate of registration, they shall be presumed to be maintained by the said registered person. (12) Every agent referred to in clause (5) of section 2 of the Act shall maintain accounts depicting the - (a) particulars of authorization received by him from each principal to receive or supply goods or services on behalf of such principal separately; (b) particulars including description, value a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved goods or services. (16) The records under these rules may be maintained in electronic form and the record so maintained shall be authenticated by means of a digital signature. Rule 57 on Generation and maintenance of electronic records provides that (1) Proper electronic back-up of records shall be maintained and preserved in such manner that, in the event of destruction of such records due to accidents or natural causes, the information can be restored within reasonable period of time. (2) The registered person maintaining electronic records shall produce, on demand, the relevant records or documents, duly authenticated by him, in hard copy or in any electronically readable format. (3) The registered person shall also provide ..... X X X X Extracts X X X X X X X X Extracts X X X X
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