Book Keeping & Accounting Service

Description

Bookkeeping and Accounting Services:

– more than recording transactions

Whether small or big, a business’s first and most basic requirement is to maintain books of accounts. Recording business transactions accurately and promptly gives indirect benefits and contributes to the business’s growth. Proper accounting helps in keeping an eye on day-to-day financial information about your business. When it comes to partnership and other corporate forms of business, it’s a mirror of how you run business and develop the trust of third parties in your business. It gives the proper recording of the data and helps in taking preventive and corrective actions. Regular bookkeeping ensures compliance with the law, filing tax returns.

With an increase in compliance procedures and routing transactions through banking channels, Bookkeeping or accounting is not merely a recording of business transactions. It is more than that.

Benefits of bookkeeping

• Gauge Income and expenditure of business
• Timely access to operational information
• The financial impact of operational matters
• Built trust of third parties
• Monitor the direction to achieve the goal of business

Value addition by PRANV

• Assurance that various legislative requirements are met.
• Timely alert you for any expense disallowed for tax purposes if incurred in cash
• Timely deduction/collection of tax at source on applicable transactions
• Regular MIS reports and promoters’ dashboards to make informed decisions.
• Maintains confidentiality of your data- can provide onshore accounting
• Available innovative cloud-based and smartphone-based bookkeeping in the digital world.
• Accounting by trained staff under close supervision of professionals.

Legislative requirements:

Sec. 128(1) of 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….”

Sec. 44AA of the Income Tax Act,1961.

(1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette shall keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act.

(2) Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall,—

(i) if his income from business or profession exceeds one lakh twenty thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds ten lakh rupees in any one of the three years immediately preceding the previous year; or

(ii) where the business or profession is newly set up in any previous year, if his income from business or profession is likely to exceed one lakh twenty thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession are or is likely to exceed ten lakh rupees, during such previous year; or

(iii) where the profits and gains from the business are deemed to be the profits and gains of the assessee under section 44AE or section 44BB or section 44BBB and the assessee has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, during such previous year; or

(iv) where the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,

keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act:

Provided that in the case of a person being an individual or a Hindu undivided family, the provisions of clause (i) and clause (ii) shall have an effect, as if for the words “one lakh twenty thousand rupees”, the words “two lakh fifty thousand rupees” had been substituted :

Provided further that in the case of a person being an individual or a Hindu undivided family, the provisions of clause (i) and clause (ii) shall have an effect, as if for the words “ten lakh rupees”, the words “twenty-five lakh rupees” had been substituted.”