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CS Professional · Goods and Services Tax (GST) and Corporate Tax Planning · Inspection, Search, Seizure, Offences and Penalties

Which of the following is NOT among the records that a person in charge of the place of business must make available on demand under the access to business premises provision?

Personal bank statements of directors' family members are not on the list. The provision requires records declared to the proper officer, the trial balance, audited accounts, any cost audit report, any income-tax audit report under section 44AB and any other relevant record.

  1. ATrial balance or its equivalent
  2. BCost audit report, if any, under section 148 of the Companies Act, 2013
  3. CThe income-tax audit report, if any, under section 44AB of the Income-tax Act, 1961
  4. DThe personal bank statements of the directors' family membersCorrect

Explanation

Section 71(2) lists records declared to the proper officer, the trial balance, audited annual accounts where required, the cost audit report, the income-tax audit report and any other relevant record. Personal bank statements of directors' relatives are not listed, and are not a business record of the registered person.

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