1. According to Section 128 of the Companies Act, 2013, it is a legal requirement for every type of company, including private limited companies, public limited companies, and one-person companies has to maintain Company’s Books of Account in good order.
2. As per section 34 of the LLP Act 2008, limited liability partnership [LLP] requires to compulsory maintain proper books of account and statement of account & solvency relating to its business operation affairs.
3. Under Section 44AA of the Income Tax Act, every business entity (including sole proprietorships and partnership Firms) is obligated to maintain accurate books of account if their income surpasses INR 1,20,000/- (one lakh twenty thousand rupees) or if their total sales, turnover, or gross receipts exceed INR 10,00,000/- (ten lakh rupees) in any one of the three years prior to the current financial year.
4. All professionals engaged in legal, medical, engineering, architectural, accounting, technical consultancy, interior decoration, or any other profession are required to keep and maintain proper books of account. These books are necessary for computing their total income when filing their income tax returns.
To engage in bookkeeping, start by selecting a suitable bookkeeping system that meets your needs. Next, choose an accounting software that allows you to track your expenses. And by completely separating your business and personal finances.
Accounting services is important for taking proper business decisions and do business compliances on duly & timely manners. Contact us Now.
Bookkeeping services covers following functions for your business- Track and document account payables and receivables. Preparetion of monthly financial and bank statements. Process of the employees’ payroll. Recording of invoices and document receipts from customers, etc.
Delay in supplying the information & documents or information shared is not in proper format may cause delay in doing accounting.
In order to protect the privacy of our clients' data, We follow industry best practices. We take steps to prevent the disclosure of your information to any third party.
Delay in accounting may cause delay in filling GST, TDS returns which may invite penalties. Also, it may lead to wrong or delaied business decisions.
While it is possible for anyone to handle accounting tasks, it is strongly advised to seek the assistance of accounting professionals. Their expertise enables them to effectively manage financial records and significantly reduce the time and effort required for handling routine expenses and transactions. Seeking the opinion of an expert, such as a qualified agent who can maintain accurate accounting records as required by income tax regulations, can save considerable manpower hours and alleviate the challenges associated with daily bills and transactions.
Yes, regardless of the volume of transactions, every organisation must complete compliance files. The procedure will be a lot easier, though.
Although accounting can technically be maintained by anyone, it is highly recommended to avail the assistance of accounting professionals who can maintain the records and help you save a lot of time and effort spent on dealing with everyday bills and transactions There is an advantage in taking the opinion of an expert, such as an agent who can maintain the accounting records as demanded by the income tax, and thus, save you a lot of man hours and the hassles of dealing with daily bills and transactions.
Yes, one can submit computerised accounts, too. Now, it is easier to maintain records and all details of financial transactions on designated software or through computerized records, to eliminate any errors and miscalculations.
Yes, If your software can be accessed remotely, we can utilize it. Once you grant us access to your software, our experts will log in and set up your accounts accordingly.
An individual can hold the position of managing director in two distinct businesses, but they are only allowed to be a full-time director in one of those businesses.
Various tasks necessary for keeping a company's financial records in order fall under the umbrella of bookkeeping. Listed below are a few bookkeeping examples: Keeping track of all financial transactions Assisting with the preparation of tax returns Streamlining tasks with technology Proper maintenance of bank accounts Balancing the company's bank accounts Managing payroll Preparing financial statements and reports
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