Accounting & Bookkeeping Services
Accurate books. Zero compliance risk. Outsource your accounting to a qualified CA firm — we handle records, reports, and regulatory filings as per Section 62 of the Income Tax Act, 2025, Companies Act 2013, and applicable Financial Reporting Framework.
Why Proper Accounting is Non-Negotiable
Accounting is the backbone of every compliant and well-managed business. It is not merely a statutory obligation — it is the foundation of sound financial decisions. Without accurate books, you cannot know your true profit, manage cash flows, or survive a scrutiny by the Income Tax Department.
The Income Tax Act, 2025 (which replaced the Income Tax Act, 1961 with effect from 1 April 2026) mandates maintenance of books of accounts under Section 62 for prescribed persons. Non-compliance attracts penalty of ₹25,000 under Section 441 of ITA 2025, and may lead to best-judgment assessment.
Regulatory authorities including SEBI, RBI, IRDA, TRAI, and MCA have also prescribed specific accounting and reporting requirements for entities under their purview.
India's applicable Financial Reporting Frameworks (FRF) include:
- ✓Ind AS — Indian Accounting Standards (converged with IFRS), applicable to companies as notified by MCA based on net worth and listing status.
- ✓Accounting Standards (AS) — issued by ICAI, applicable to entities where Ind AS does not apply.
- ✓Double Entry System — legally mandated for all companies under Section 128, Companies Act 2013, on accrual basis.
Outsourcing your accounting to a qualified CA firm like GCA ensures your books comply with the law, standards, and technology requirements — including digital record-keeping as mandated under Rule 46 of the Income Tax Rules, 2026.
Who Is Required to Maintain Books of Accounts?
Under Section 62 of the Income Tax Act, 2025 (replacing Section 44AA of ITA 1961), the following persons are required to maintain books of accounts and other documents sufficient to enable the Assessing Officer to compute total income:
1. Persons in Specified Professions
Sec 62(1), ITA 2025 · Rule 46, IT Rules 2026Medical practitioners, lawyers, engineers, architects, chartered accountants, cost accountants, company secretaries (newly added), information technology professionals (newly added), interior designers, authorised representatives, and film artists — where gross receipts exceed ₹1,50,000 in any of the three immediately preceding tax years. For a newly set-up profession, the limit applies on likely basis.
New under ITA 2025: Company Secretaries and Information Technology professionals have been expressly added to the list of specified professions.
2. Persons Carrying on Business or Other Professions
Sec 62(2), ITA 2025Any person carrying on business or profession (not covered under specified professions above) if, in any of the three immediately preceding tax years:
- Total income from business/profession exceeds ₹2,50,000 (for individuals/HUF), or
- Total turnover or gross receipts exceed ₹25,00,000
For newly set-up businesses, these thresholds apply on likely basis for the current tax year.
3. Presumptive Taxation — Where Income is Declared Lower
Sec 58 & Sec 62, ITA 2025The Income Tax Act, 2025 consolidates the earlier Sections 44AD (small businesses), 44ADA (specified professionals), and 44AE (goods carriage) into a single unified Section 58. Under this scheme:
- Business (Sec 58, Table Sl.1): Turnover up to ₹3 crore (95%+ digital) or ₹2 crore — profit deemed at 6% (digital) / 8% (cash).
- Professionals (Sec 58, Table Sl.2): Gross receipts up to ₹75 lakh (95%+ digital) or ₹50 lakh — income deemed at 50%.
- Goods Carriage (Sec 58, Table Sl.3): For owners of up to 10 goods carriages — fixed income per vehicle.
If actual income is declared lower than the deemed income AND total income exceeds the basic exemption limit — books of accounts must be maintained under Section 62 and accounts must be audited under Section 63 (Tax Audit) of ITA 2025.
4. All Companies — Companies Act 2013
Section 128, Companies Act 2013Every company must prepare and keep books of account and financial statements at its registered office for every financial year, giving a true and fair view of the state of affairs. Books must be maintained on accrual basis using the double entry system — as mandated under Section 128 of the Companies Act, 2013. This provision is unchanged.
Failure to maintain prescribed books attracts a penalty of ₹25,000 per tax year under Section 441 of the Income Tax Act, 2025 (corresponding to Section 271A of the erstwhile ITA 1961). Non-maintenance can also lead to best-judgment assessment.
Books of accounts must be retained for 7 tax years from the end of the relevant tax year under Rule 46(9) of the Income Tax Rules, 2026 (previously 6 assessment years under Rule 6F). Electronic records must remain accessible in India with daily backups on Indian servers.
Our Accounting & Bookkeeping Services
End-to-end accounting support for businesses of all sizes — from sole proprietorships to private limited companies. Every entry is made by trained accountants supervised by a Chartered Accountant.
Transaction Recording
Day-to-day bookkeeping — on-site or off-site. Sales invoices, purchase bills, bank entries, expenses, and journal vouchers recorded accurately and on time in Tally, Busy, or Zoho.
Payroll Processing
Complete payroll management — salary computation, PF / ESI / TDS deductions, payslip generation, Form 16, and monthly payroll MIS. Fully compliant with labour laws.
Reconciliation
Bank reconciliation, vendor & debtor reconciliation, stock verification, and GSTR-2B matching. Prevents mismatches that trigger GST interest and IT notices.
Financial Statements
Balance Sheet, Profit & Loss Account, Cash Flow Statement, and Notes to Accounts as per Ind AS / Accounting Standards (ICAI) and Companies Act 2013.
MIS Reports
Monthly management reports — budget vs actual, profitability analysis, outstanding debtors/creditors ageing, and cash flow projections to support business decisions.
GST-Integrated Books
Accounts integrated with GST — GSTR-1, GSTR-3B, GSTR-2B, and GSTR-9 data flows directly from your books. Less reconciliation effort. Less errors at return filing.
Fixed Assets Register
Maintenance of fixed asset register with depreciation computed as per Schedule II, Companies Act 2013 and ITA 2025 — for both book and tax purposes.
Branch / Site Accounting
Multi-location accounting for businesses with branches, warehouses, or project sites. Consolidated and entity-level reports maintained and reconciled separately.
Cloud-Based Accounting
Access books anytime via QuickBooks Online, Zoho Books, or Tally on Cloud. Upload documents via our secure client portal or WhatsApp — no office visits needed.
Why Businesses Trust GCA for Accounting
We are not a form-filling agency. We are a qualified CA firm that treats accounting as a professional discipline — combining expertise, technology, and accountability.
Best-in-Class Accounting Software
We work on Tally Prime, Busy, Marg ERP, QuickBooks, and Zoho Books. We recommend the right platform for your business type, GST turnover, and reporting needs.
Trained Accountants, Not Data Operators
Our team is trained on Accounting Standards, Ind AS, ITA 2025 (Section 62 onwards), and GST law before being assigned client work. Quality is supervised by CAs.
Integrated with Tax Compliance
Your accounts feed directly into ITR (ITA 2025), TDS returns, GST returns, and financial statement audit. One team, zero data gaps, no re-entry of figures.
Confidentiality & Data Security
Financial data handled with strict confidentiality through a secure document-sharing process. No client data is shared via personal WhatsApp groups or open email chains.
Pan-India & Remote-Ready
Based in New Delhi, we serve businesses across India via our cloud-first model. You share documents digitally — we maintain your books without requiring physical visits.
Cost-Effective & Transparent Fees
Clearly defined, reasonable fees — no hidden charges. You know exactly what you pay for. Costs far less than a full-time accountant, with CA-level oversight.
How We Handle Your Accounting
A simple, transparent, four-step process that keeps your books accurate and always compliance-ready.
Share Documents
Upload bills, invoices, bank statements, and salary data via our secure client portal, GCA App, or WhatsApp. No office visit needed.
We Record & Classify
Trained accountants enter every transaction in Tally / Busy / Zoho — correctly classified under ledgers, GST heads, and cost centres. CA-reviewed.
Review & MIS Reports
Monthly P&L, Balance Sheet, and MIS reports shared with you. You review, ask questions, and approve. Fully transparent process.
Tax-Ready Books
Year-end books flow to our tax team for ITR (ITA 2025), GST annual return (GSTR-9), TDS reconciliation, and audit — no re-work, no delays.
Frequently Asked Questions
Under the new Income Tax Act, 2025, which section governs maintenance of books of accounts? +
Section 62 of the Income Tax Act, 2025 governs the mandatory maintenance of books of accounts. It replaces Section 44AA of the Income Tax Act, 1961 (which stood repealed from 1 April 2026). The prescribed books to be maintained are specified in Rule 46 of the Income Tax Rules, 2026, which replaces the earlier Rule 6F. The substantive requirements are largely the same, with the notable addition of Information Technology professionals and Company Secretaries to the list of specified professions.
Is accounting mandatory if I am under the presumptive tax scheme? +
Under Section 58 of the Income Tax Act, 2025 (the unified presumptive taxation provision that merges the earlier Sections 44AD, 44ADA, and 44AE of ITA 1961), eligible persons who declare income at or above the deemed rate are not required to maintain detailed prescribed books. However, if you declare income lower than the deemed amount AND your total income exceeds the basic exemption limit, you must maintain books under Section 62 and get a tax audit done under Section 63, ITA 2025.
What is the penalty for not maintaining books of accounts under ITA 2025? +
Failure to maintain books as required under Section 62 attracts a penalty of ₹25,000 per tax year under Section 441 of the Income Tax Act, 2025 (corresponding to Section 271A of the old ITA 1961). Additionally, if a tax audit was required but not done, a further penalty applies under Section 463, ITA 2025. The Assessing Officer may also make a best-judgment assessment, which is almost always unfavourable.
Can you handle accounting for my business if I am in a different city? +
Yes, absolutely. We serve clients across India through our cloud-first model. You share documents via our secure portal, the GCA App, or WhatsApp — we maintain your books remotely. This is our most popular engagement model for clients outside New Delhi. There is no drop in service quality for remote clients.
How long must books of accounts be retained under ITA 2025? +
Under Rule 46(9) of the Income Tax Rules, 2026, books of accounts must be retained for 7 tax years from the end of the relevant tax year. This is an increase from the earlier 6-year retention requirement under Rule 6F of the old rules. Electronic records must be maintained in a manner that they remain accessible in India, with daily backups stored on servers within India.
What is the difference between Ind AS and AS (ICAI)? +
Ind AS (Indian Accounting Standards) are India's version of IFRS, mandated for listed companies, companies with net worth above ₹250 crore, and certain other classes as notified by MCA. Accounting Standards (AS) issued by ICAI apply to all other entities. We prepare financial statements under whichever framework is applicable to your entity — and advise you on the applicability as part of our service.
Outsource Your Accounting to GCA — Affordable, Accurate & Compliant
Serving businesses across India · Cloud-based & remote-ready · Updated for ITA 2025 (Section 62) · No hidden charges
Contact Us · All Services · New Delhi, India · Pan-India & Global
