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Startup Accounting Service in Yavatmal, Maharashtra

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FinTax Corporate Professionals LLP - India's Leading Accounting, Book Keeping and Taxation Service Firm. We Service Indian Startups and SMEs. Call us for Free ACCOUNTING WORKS @ +91-7210000745. For part time Accounting, GST Compliances, Income Tax Filing

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Online Accounting Services in Yavatmal, Maharashtra

Book Keeping and Accounting Service at a glance

Many people use the terms book keeping and accounting interchangeably, but the fact is the former is the first step to the latter, i.e. book keeping is the stepping stone of accounting.

Book keeping is an activity of recording the financial transactions of the company in a systematic manner. For example Transaction day book, Journal and Ledgers.

Accounting is an orderly recording and reporting of the financial affairs of an organization for a particular period. For example Balance Sheet, Profit & Loss Account and Cash Flow Statement. Accounting clearly shows the financial position of the entity which mare book keeping job does not.

LEGAL REQUIREMENTS- Various Law Regulating the business and Taxation in India has put legal compulsion to main Books of Accounts as per Law and Guidelines. 

A. Under Income Tax Act 

B. Under the Companies Act 2013

C. Under GST Act

Books of Accounts to be preserve for atleast 6-8 years under the provisions of different Acts in India.

FinTax aims to be your trusted Book Keeping and Accounting outsourcing service provider, enabling you to focus on your core business. We offer a wide range of services along with reporting, Analysis on a periodical basis which helps to project your future plan or to take important decision based on the Financial Statements.

Part Time Accounting Services Yavatmal, Maharashtra

Legal Requirements of Accounting and Mainting Books of Accounts in India

A. Under Income Tax Act

  • As per Section 44AA of Indian Income Tax Act Books of Accounts required to be maintained by specified person.
  • Under Section 44AB, Tax Audit is compulsory if turnover exceeds specified limit of Rs 25 Lakhs/ 1 crore / 2 Crores of the business entity. For that Books of Accounts required to maintain.

B. Under the Companies Act 2013

  • Every company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the company, including that of its branch office or offices, if any, and explain the transactions effected both at the registered office and its branches and such books shall be kept on accrual basis and according to the double entry system of accounting as per Section 128(1). 
  • File Audit report Balance Sheet and Profit & Loss Statement annually with ROC.
  • Also has to Comply Accounting Standards as issued by The Institute of Chartered Accountants of India.
  • Books of Accounts shall preserve for a minimum period of 8 years.
  • Non Compliance Penalty - If the managing director, the whole-time director in charge of finance, the Chief Financial Officer or any other person of a company charged by the Board with the duty of complying with the provisions of this section, contravenes such provisions, such managing director, whole-time director in charge of finance, Chief Financial officer or such other person of the company shall be punishable with imprisonment for a term which may extend to one year or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees or with both as per section 128(6).

 

C. Under GST Act

Section 35 provides that every registered person shall keep and maintain, a true and correct account of

  • Invoices, Debit note, Credit note.
  • Production or manufacture of goods ( for manufacturing unit)
  • Inward and outward supply of goods or services or both
  • Stock of goods
  • Input tax credit availed
  • Output tax payable and paid and
  • goods or services imported or exported
  • Such other particulars as may be prescribed

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FinTax Accounting Services

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FinTax Accountants Services for Startups

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