Section 48 of Delhi Value Added Tax Act 2004 - Records and accounts
What is the law regarding Records and accounts? Section 48 of DVAT
Section 48 : Records and accounts - Delhi Value Added Tax Act 2004
Rule 32, Forms 30, 31
(1) Every -
(b) person on whom a notice has been served to furnish
returns under section 27 of the Act;
shall prepare, maintain and retain sufficient records at the
principal place of business as recorded in his certificate of
registration to allow the Commissioner to readily ascertain the
amount of tax due under this Act, and to explain all
transactions, events and other acts engaged in by the person
that are relevant for any purpose of this Act,:
PROVIDED that the dealer maintaining computerised books of
accounts using a software should be able to readily provide soft
and/or hard copy of the records at the principal place of
business as recorded in his certificate of registration, as and
when required by the Commissioner.
Explanation: The dealer may maintain and retain soft copy of
as means of compliance with the requirement of this sub-section.
(2) Notwithstanding the generality of sub-section (1) of this
(a) every registered dealer shall preserve a copy of all tax
invoices issued by him;
(b) every dealer shall preserve the original of all tax
invoices received by him;
(c) every person who has paid an amount of tax, interest,
penalty or other
amount owed under this Act, shall preserve a copy of the challan
evidencing the making of the payment.
(3) The Commissioner may prescribe the manner and form in
which accounts and records are to be prepared.
(4) If the Commissioner considers that such
records are not sufficiently clear and intelligible
to enable him to make a proper check of the
obligations required of the person under this Act,
he may require such person by notice in writing to
keep such accounts (including records of purchase
and sales) as may be specified therein.
(5) The Commissioner may, by notification in the official
Gazette, direct any class of dealers, transporters or operators
of warehouses to keep such accounts (including records of
purchases and sales) as may be specified in the notification.
(6) Every person required to prepare or preserve records and
accounts shall retain the required records and accounts for, at
least, seven years after the conclusion of the events or
transactions which they record unless any proceedings in respect
of that year are pending in which case they shall be preserved
till the final decision in those proceedings. Any loss thereof
shall be reported to the Police and the Commissioner within a
period of fifteen days from the date of occurrence.