Introduction of Accounts and other records
This Section mandates the upkeep and maintenance of records, at the place(s) of business, in electronic or other forms. Furnishing of an audited statement of accounts and reconciliation statement is also contemplated for persons having turnovers exceeding the prescribed limit. There is no relaxation provided to persons who have voluntarily obtained registration. This section read with relevant rules provides for the manner and method of maintenance of records of all kinds and classes of persons, as well.