Companies to compulsorily use accounting software with feature of recording audit trail which cannot be disabled – MCA Notification
MINISTRYOF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 24th March, 2021
G.S.R. 205(E).—In exercise of the powers conferred by section 134 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Accounts) Rules, 2014, namely:-
1. Short title and commencement.-(1) These rules may be called the Companies (Accounts) Amendment Rules, 2021.
(2) They shall come into force with effect from the 1st day of April, 2021.
2. In the Companies (Accounts) Rules, 2014,-
(1) in rule 3, in sub-rule (1), the following proviso shall be inserted, namely:-
“Provided that for the financial year commencing on or after the 1st day of April, 2021, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.
”(2) in rule 8, in sub-rule (5), after clause (x), the following clauses shall be inserted namely:-
“(xi) the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year.
(xii) the details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof.”
[F. No. 1/19/2013-CL-V-Part III]
K.V.R. MURTY,Jt. Secy.
Note: The principal notification was published in the Gazette of India vide notification number G.S.R. 239(E), dated 31st March, 2014 and was last amended vide notification number G.S.R. 60 (E), dated the 30th January, 2020.
Addition u/s 40A(3) for cash payment to labour for loading charges deleted by ITAT In a recent judgment, the ITAT…
Addition u/s 68 deleted as AO failed to find any discrepancy in details of creditors submitted by the assessee In…
Jharkhand Rajya Gramin Bank - Empanelment of retired officers of banks as Concurrent auditors on contract basis Jharkhand Rajya Gramin…
Book Profit u/s 115JB to be computed as per Profit & Loss Account prepared under Schedule III of the Companies…
Order not in conformity of Faceless Assessment Scheme 2019 if not est? - ITAT remands the case in view of…
Extension of the validity of FCRA registration certificates till 30.09.2024 Home Ministry has decided to extend the validity of FCRA…