Bookkeeping and Accounting Services: A Comprehensive Guide

The transactional and administrative aspect of managing day-to-day financial transaction recording, including sales, purchases, receipts, and payments, is known as bookkeeping services. A three-tiered method to building and managing your business’s entire financial procedures and management is suggested by Bookkeeping and Accounting Services, and it consists of the following: General Accounting & Bookkeeping Financial Statement Preparation Tax Return Filing Who mandates Bookkeeping and Accounting Services? Every company or organization doing business in India must follow statutory regulatory standards, which include maintaining books of accounts. According to Section 128 of the Companies Act of 2013, every company, including a private limited company, a public limited company, and a one-person company, is required to keep accurate Company Books of Account. According to Section 34 of the LLP Act 2008, limited liability partnerships [LLPs] are required to keep accurate books of account and statements of account and solvency relevant to their business operations. According to Section 44AA of the Income Tax Act, every business (including sole proprietorships and partnerships) is required to keep proper books of account if their income exceeds INR 1,20,000/- (one lakh twenty thousand rupees) OR their total sales, turnover, or gross receipts exceed INR 10,00,000/- (ten lakh rupees) in any of the 3 years immediately preceding the previous year. Every professional engaged in the legal, medical, engineering, or architectural professions, or the professions of accountancy, technical consultancy, interior decoration, or any other profession, must keep and maintain such books of account to compute his total income for income tax return filing.