Bookkeeping involves the recording of financial transactions and other information related to the business on a day-to-day basis.
The most important aspect of bookkeeping is to keep an accurate account of all records and keep them up to date. Accuracy is the most vital part of the bookkeeping process.
Bookkeeping is constructed to provide the preliminary information needed to create accounting statements. Each transaction must be recorded in the books, and any and all changes must be updated on a continuous basis.
Analyzing the potential risk in advance
Correct interpretation of the company’s financial position
Informed and better managerial decision making
Collection, summarization, and accurate analysis of financial data
Optimization of business resources and processes
Tax planning and returns.The service involves helping the clients make necessary periodic income tax, sales tax and other returns. It also includes helping the client make sound investment decisions and help him avail various rebates and deductions
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Types of Services
Preparation of the monthly payroll based on the inputs. The same would include all statutory and other relevant deductions as required.
Ensure deductions of all relevant amounts and as per applicable statutory laws like Income Tax, provident Fund and Professional Tax etc.
Checking Form 16 for the Employees and file Qtly. returns for e-TDS with Income Tax authorities.
Deposit TDS & provide proof of deposit.
Ensure redressal of any issues.
Reconciliation of payments/statutory deductions etc. with books of accounts on quarterly basis.
Preparation of Financial Statements
The service involves preparing a company’s annual accounts and schedules ready for the statutory annual audit.
Book keeping and General Accounting Service
The service involves preparing and maintaining day to day bookkeeping and monthly or quarterly management accounts.These books are prepared as per the US GAAP accounting standards and can also be made as per specific client instructions.
When is bookkeeping not required?
Where the income does not exceed Rs 1,20,000 or total sales, turnover or gross receipts are not more than 10,00,000 in all preceding 3 years — no books of account are required to be maintained. In case of a newly set up profession or business the same rule applies when income is expected to be less than Rs 1,20,000 or sales/turnover/gross receipts are expected to be less than Rs 10,00,000.
Where the income is more than Rs 1,20,000 or total sales, turnover or gross receipts are more than 10,00,000 in all preceding 3 years, such profession or businesses must maintain books of accounts and other documents which may enable the Assessing Officer to calculate their taxable income as per the Income Tax Act. No specific records are prescribed. In case of a newly set up profession or business the same rule applies when income is expected to be more than Rs 1,20,000 or sales/turnover/gross receipts are expected to be more than Rs 10,00,000.
For Professions and Businesses covered under section 44AD and 44AE. Businesses covered under section 44AD and 44AE are not required to maintain any books of accounts. However taxpayers who claim that their income from business is lower than the presumed income calculated under section 44AD and 44AE must maintain books of accounts which may enable the Assessing Officer to calculate their taxable income as per the Income Tax Act. No specific records are prescribed.
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