Taxpayers within the e-ledger system keep the journal and general ledger electronically and upload their certificates on time. Failure to keep books properly can lead to irregularity penalties and, in some cases, tax assessments.
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Related terms
E-ledgerCreating, recording and storing statutory books electronically in accordance with set formats and standards.Trial balanceA list showing the debit and credit totals and balances of all accounts at a given date.Irregularity penaltyA fixed penalty imposed for failure to comply with the formal and procedural provisions of tax laws, regardless of whether tax revenue was lost.Accounting estimatesThe determination by management judgement of amounts that cannot be measured precisely, such as provisions, useful lives, expected credit losses and fair values.Accounting policiesThe specific principles, bases, conventions, rules and practices an entity applies in preparing its financial statements.Accrual basis of accountingThe principle of recording transactions as income, expenses, assets and liabilities in the period in which they occur, rather than when cash is received or paid.
Last updated: October 31, 2026 · This definition is for general information only.