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CA Final Law Chptr 1

Accounts & Audit

Section No.Provision
Section 209 (1) Maintenance of books of accounts at registered office. Maintenance of cost records by a production, processing, manufacturing and mining company required by the CG.
Section 209 Place of Maintenance of records: At the registered office or any other place in India as decided by the BOD. The same should be intimated to ROC within 7 days of Board's decision.
Section 209 (2) Maintenance of records by Branch: A branch should maintain the details of transaction effected at the branch and should send summarized and updated returns to the registered office at intervals not exceeding 3 months
Section 209 (3) Books of accounts are deemed not be kept in accordance with Sub section (1) & (2) if they do not give the necessary true & fair view they are not kept on accrual basis or double entry system
Section 209 subsection (4A) Period of maintenance of books of accounts: Not less than 8 years preceding the current year together with any voucher relating to such books
Section 209 (6) Persons responsible for maintenance: Where the compnay has a managing director or a manager, that persona long with all officers and employees of the coo If there's no MD or manager, then every director
Section 209 (5) Persons responsible who fail to comply with the provisions of Section 209 shall be imprisoned for upto 6 months or fined upto 10,000 or both
Section 209 (4) The books of accounts shall be open for inspection by any director during business hours
Section 210 (1) At every AGM, the OD of the co. shall lay before the co.- Balance sheet and profit & Loss A/c for that period
Created by: ratnahubli