Accounting, being an integral part of every business, has become more advanced and principle based. It has become easy but at the same time it does require special skills to record transaction in such a way that law recognizes it as valid Books of Accounts. Outsourcing of accounting service is always an easy and best way to keep your books updated as per the latest legal requirements and requirements in business as per growing dependencies on technology.
We at Gupta Chandan & Associates as a service provider, relieve you from the day to day maintenance of books of Accounts. We offer to keep & maintain books on your behalf at cost effective fees. We are able to provide accounting services to any size of business using latest ERP software for accounting like Tally, Busy, Marg, Quick Book etc.
Requirement of Accounting
There is famous proverb in Hindi which translate as “first write then pay”. Every transaction which take place need to be recorded so that any future dispute may be avoided. Initially businessman used to record their transactions at single entry system or at their own discretion. By the time, recording methods have changed. The most preferred accounting system now-a- days is double entry system. Double entry system has legal backing as governments and regulatory authorities prefer it.
It is important to note that Accounting is to be done in accordance with Applicable Financial Reporting Framework (FRF). Applicable FRF may be different in different country. Some country have IFRS in place, USA has US GAAP. In India modified version of IFRS namely Ind AS has been adapted but it is not applicable for all entities. Entity on which Ind As is not applicable are required to follow Accounting Standard issued by The Institute of Chartered Accountants of India (ICAI).
Various laws of India have prescribed the requirement of maintenance of books of accounts. Various regulatory authority like IRDA, TRAI, SEBI, RBI have also prescribed their requirements.
As per Income Tax Act 1961, Following persons are required to maintain Books of Accounts:
- Person carrying on business or profession if his total income exceeds Rs.1,20,000 or his total Turnover or Gross Receipts in the business or profession exceeds Rs.10,00,000 in any of the 3 years immediately preceding the previous year.
- Where the business is newly setup, if his total income is likely to exceed Rs.1,20,000 or his total Turnover, Gross Receipts likely to exceed Rs.10,00,000.
- where the profits and gains from the business are deemed to be the profits and gains of the assessee u/s 44AE or 44BB or 44BBB and assessee has claimed his income to be lower than the profits and gains so deemed to be the profits and gains of his business.
- 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.
Section 128 of Companies Act 2013 prescribes : “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.”
Special features of Accounting Services by Gupta Chandan & Associates
Best Accounting Software
Use of latest Accounting Software like Tally, Busy, etc.. We provide accounting at cloud based software as well like Quickbooks, Zoho, etc..
We provide special training to employees about Accounting Standards, Legal Requirements, Financial Reporting Framework before allocating work
We aim at integration of Accounts with legal framework and Tax Laws along with specific reporting requirements of clients for internal controls