• English - India
  • English
TAXAJ Corporate Services LLP - Financial Doctors

Compliances for a Business Entity Registered in India

All in One Compliance

For a business, whatever be its mode or constitution has to adhere with certain guidelines and tax laws as applicable to sustain and develop in India. We shall be discussing this from very scratch, i.e Incorporation and Confusion regarding the type of business entity to start with.

Compliance is not an event, it's a practice to be carried out round the clock, throughout the year & If you think Compliance is Costly, try Non-Compliance.

All In One Compliance Service Package from TAXAJ

All in One Place

Change the way of Tracking your Compliance Status

Things are going global; we all must come up with ideas and efforts to compete with better players & in order to control your business with precision reports and data that can help you track, govern and run the show with accurate reports and stay a step ahead of your competitors in every aspect of your bookkeeping & compliance.

complete dashboard

360 Degree Dashboard

Get a complete snapshot of your company’s compliance status, anytime. It's easy to keep track of your performance now.

Business Entity Management

Business Entity Management

A proactive risk evaluation mechanism for decision making, based on personalised risk-impact analysis & predictions.

Effortless Tracking

Effortless Tracking

Gain absolute control over the compliance management through automated triggers & state of the art escalation mechanism.

Realtime Analysis

Realtime Analysis

What use is of a report which is not real time? get instant reports and be in control of your business with detailed analysis everytime.

Avail All Corporate Services under One Roof

compliance for a business

Business Compliance

Comply with all your Tax & Business Filings.

licenses for businesses in india

Licenses for Business

Get all the applicable licenses for your business.

co-working space in india

Virtual Offices

Have a reputed business address for your business.

secretarial filings for mca

Secretarial Filings

Comply with all your MCA- ROC Corporate Filings.

corporate restructuring for company

Corporate Re-Structure

Comply with all your Restructuring Filings.

closure or strike off company

Closure of Business

Comply with all your Closure requirements legally.

income tax

Income Tax

Comply with all your Income Tax Filings.

gst returns compliances

Goods & Service Tax

Comply with all your GST Compliances & Filings.

legal documentation support

Legal Services

Comply with all your Legal Support & Services.

income tax

Payroll Management

Comply with all your Payroll Filings.

gst returns compliances

Conversion of Company

Convert your company structure into another form.

digital services

Digital Services

Comply with all your Legal Support & Services.

income tax

Valuation of Business

Get Valuation for all your needs done.

gst returns compliances

Foreign & FDI Filings

Comply to all your Foreign Transactions

certification services

Intellectual Property Rights

Secure your Trade Name or Logo from Infringement

​Maintenance of Books of Accounts Under Income Tax Act

Books of accounts including vouchers and receipts are required to be maintained under different statutory laws – Income Tax Act, Companies Act 2013 and GST Act. Books to be maintained, retention period and compulsion requirements are different under all the 3 laws. While running a business, maintaining books of accounts is essential. The Tax Department needs them, the bank or your investor might ask for them. Outsource your book keeping function and let professionals manage your business financial reporting.

Under Income Tax Act
If the sale/turnover/gross receipts from the business or profession is more than Rs. 25,00,000 or the income from business or profession is more than Rs. 2,50,000 in any of the 3 preceding years, then books of accounts will be compulsorily maintained.

Following professions are covered under this provision –
  • Legal
  • Medical
  • Engineering
  • Architectural
  • Accountancy
  • Technical consultancy
  • Interior decoration
  • Authorised Representative (one who charges fees for representing someone before tribunal or any authority)
  • Film artist (producer, editor, actor, director, music director, art director, dance director, cameraman, singer, lyricist, story writer, screenplay or dialogue writer and costume designers.
Under Companies Act

Every company has to maintain books of accounts, at the registered office or any office that board of directors may decide. If the company is maintaining books at an office other than the registered office, it has to intimate the same to RoC. The company can maintain the accounts electronically also.

Books of accounts to be maintained
  • Cash flow statement
  • Records of sales and purchases,
  • Records of assets and liabilities
  • Items of cost
  • Deeds, vouchers, writing, documents, minutes, and registers whether in physical or electronic mode
Q. For how long should the books be maintained?

Books should be maintained for a period of 8 years from the end of the relevant financial year.