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Accounting Services in Delhi - Maintain your Accounts

What is Book Keeping?


Almost all business owners hit a point where they find it necessary to hire a consultant for their book keeping.

Some laws also makes it mandatory for a business owner to maintain their books of accounts.

As per section 44AA of the Income Tax Act prescribes the persons who are mandatorily required to maintain books of Accounts for the Income Tax Purpose. As per section 44AA any person carrying on any of the following professional is required for Accounting Services:-

  • 1. Legal
  • 2. Medical
  • 3. Engineering
  • 4. Architectural
  • 5. Accountancy
  • 6. Technical Consultancy
  • 7.Interior Decoration

Any other profession that may be notified by CBDT in future.

Book Keeping

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As per section 44AA, persons carrying on the professions specified above are mandatorily required to maintain their books of accounts. However the persons who are not covered in the list of professions specified under section 44AA which are mentioned above are mandatorily required to maintain their books of accounts only if:

If th income from business or profession exceeds Rs.1,20,000/- or the Total Sales/Turnover/Gross Receipts exceeds Rs. 10,00,000 in any of the previous 3 years.

If the Business or Profession is newly set-up, it would be required to maintain books of accounts if the income from business or profession is likely to exceed Rs. 1,20,000 and the Total Sales/Turnover/Gross Receipts likely to exceed Rs. 10,00,000.

If the taxpayer is covered underSection 44AD/ Section 44AE/ Section 44AF and the taxpayer has claimed his income in the income tax return to be lower than the profits or gains deemed under section Section 44AD/ Section 44AE/ Section 44AF respctively.

As per Section 128 of Companies Act, 2013

  • (1) 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; Provided that all or any of the books of account aforesaid and other relevant papers may be kept at such other place in India as the Board of Directors may decide and where such a decision is taken, the company shall, within seven days thereof, file with the Registrar a notice in writing giving the full address of that other place;Provided further that the company may keep such books of account or other relevant papers in electronic mode in such manner as may be prescribed
  • .
  • (2) Where a company has a branch office in India or outside India, it shall be deemed to have complied with the provisions of sub-section (1), if proper books of account relating to the transactions effected at the branch office are kept at that office and proper summarised returns periodically are sent by the branch office to the company at its registered office or the other place referred to in sub-section (1).
  • (3) The books of account and other books and papers maintained by the company within India shall be open for inspection at the registered office of the company or at such other place in India by any director during business hours, and in the case of financial information, if any, maintained outside the country, copies of such financial information shall be maintained and produced for inspection by any director subject to such conditions as may be prescribed;Provided that the inspection in respect of any subsidiary of the company shall be done only by the person authorised in this behalf by a resolution of the Board of Directors.
  • (4) Where an inspection is made under sub-section (3), the officers and other employees of the company shall give to the person making such inspection all assistance in connection with the inspection which the company may reasonably be expected to give.
  • (5) The books of account of every company relating to a period of not less than eight financial years immediately preceding a financial year, or where the company had been in existence for a period less than eight years, in respect of all the preceding years together with the vouchers relevant to any entry in such books of account shall be kept in good order: Provided that where an investigation has been ordered in respect of the company under Chapter XIV, the Central Government may direct that the books of account may be kept for such longer period as it may deem fit.
  • (6) If the managing director, the whole-time director in charge of finance, the Chief Financial Officer or any other person of a company charged by the Board with the duty of complying with the provisions of this section, contravenes such provisions, such managing director, whole-time director in charge of finance, Chief Financial officer or such other person of the company shall be punishable with imprisonment for a term which may extend to one year or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees or with both.

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