Account Maintenance

Account Maintenance

A person who runs business or profession and does daily financial as well as non-financial transactions is obvious wants to gather all the financial details at one place. Accounting makes this thing easy.

 

PERSON NEEDS TO MAINTAIN BOOKS OF ACCOUNT

 

For assessees carrying on Business: they need to maintain and keep books of Accounts when:-

 

  • Their Income Exceeds Rs. 1,20,000 in any of the 3 preceding previous years or likely to exceed limit in case of newly set up business or profession, Or
  • Their turnover/ sales/ Gross receipts exceeds Rs.10 lakhs, in any of the 3 preceding previous years or likely to exceed limit in case of newly set up business or profession.

 

For assessees carrying on profession of law, Company Secretary, Accountancy, medicine, architecture etc: they need to maintain and keep books of Accounts when:-

 

  • Their Gross Receipts exceeds Rs.1,50,000 in any one year of  3 preceding previous years, Or likely to exceed limit in case of newly set up business.
  • Other Assesee: If the other assessee falling under section 44AD, 44AE, 44BB, 44BBB or any other section of presumptive income, declares his income lower than specified in those sections, he is required to maintain such books as may enable Assessing Officer to compute his income.

 

TYPES OF BOOKS OF ACCOUNT TO BE MAINTAINED

 

Generally the following books of accounts and documents are required to be maintained:-

 

1) Cash book,

2) Journal, if the accounts are maintained as per mercantile system of accounting,

3) Ledger

4) Bank Book

5) Carbon copies of bills, serially numbered and carbon copies or counterfoils of receipts issued in respect of sums exceeding Rs 25,

6) Sales & Purchase Books.

7) Inventory Register

8) Original bills for expenses exceeding Rs. 50 and payment vouchers for petty expenses.

 

We provide the requisite services for the proper maintenance of books of account with a reasonable cost and within the reasonable time.

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