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Do You Know MCA (Ministry Of Corporate Affairs) Amends The Accounts Rules?

MCA has issued a new notification on 24th March, 2021 regarding Amendment to Rule 3(1) of Companies (Accounts) Rules 2014. According to this, every company which uses accounting software for maintaining its books of account, shall only use a software that has:

Feature for recording audit trail of each and every transaction
Create edit log of each change made in the books of accounts along with the date when such changes were made
Ensure that the audit trail cannot be disabled.

This amendment will come into effect from 1st April 2021.

What Is The Importance Of This Amendment?

For Companies

Help You To Detect And Prevent Fraud
Enhance Your Financial Record's Accuracy
Help You To Find Lost Transaction Quickly

For Income Tax Department

Help to track all transactions made by companies
Help to minimize the tax evasion cases
Help to collect significant amount of tax

Are You Ready For Audit Trail Record?

If you are finding a software which can offer you an automated audit trail record feature, end your search with hb Accounting Software. HostBooks Accounting is a cloud based All-In-One software is built to ease all accounting difficulties.