Maintenance of Books of accounts as per Income tax act

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COMPANY ACCOUNTS – BOOK KEEPTING SERVICES

Accounting records including vouchers, bills, proofs and receipts are required to be maintained under different statutory laws – Income Tax Act, Companies Act 2013 and GST Act.

PA Associates, Book keeping service Under Income Tax Act

If the sale/turnover/gross receipts from the business or profession is more than Rs. 25,00,000 or the income from business or profession is more than Rs. 2,50,000 in any of the 3 preceding years, then books of accounts will be compulsorily maintained.

Following professions are covered under this provision –

ü  Lawyers (legal)

ü  Medical

ü  Architectural

ü  Company secretary

ü  Film Artist (producer, editor, actor, director, music director, art director, dancer, cameraman, singer, lyricist, story writer, screenplay or dialogue writer and costume designers.

ü  Interior decoration

ü  Technical consultancy

ü  Engineering

ü  Accountancy

Therefore, If any of the profession mention above have an income of more than Rs.250,000/- in any of the 3 preceding year, or total turnover more than 25,00,000/- they need to maintain books of accounts.

Rule 6F – Books of accounts (IT Act)

F Cash book

F Journal

F Ledgers

F Copies of all the bills or receipts

F Daily petty cash register with details of patients, service rendered, fees received and date of receipt.

F Details of stock of drugs, medicines, and other consumables used.

 

Accounting service in medavakkam PA Associates

For how long should the books be maintained?

Books should be maintained for a period of 6 years from the end of the relevant year.

 


8754472172 / 044 48545354

PA Associates

4A, First Floor,

Vimala nagar first main road,

Medavakkam,

Chennai – 600100

www.paassociate.in

 

Location: 4A, 1st Cross St, Munusamy Nagar, Vimala Nagar, Medavakkam, Chennai, Tamil Nadu 600100, India

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