Accounting & Compliance
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Accounting and bookkeeping contain tracking monetary and different business dealings with proprietors and management. The books of money owed include information of all belongings, liabilities, and sales and costs. Every monetary yr, which ends on March thirty first, sees the finalization of the debts. Following the conclusion of the fiscal 12 months, the compliance section begins, which involves registering organization transactions with the relevant regulatory body. Company secretaries help the corporations and LLPs in filing the monetary announcement with the MCA for each fiscal 12 months. While most organizations are required to record taxes, only agencies and restricted liability partnerships are required to conform with every year reporting requirements.
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Accounting & Bookkeeping
Efficient bookkeeping and accounting are essential to profitable business. We guarantee that your books are current and follow appropriate accounting standards through CA-assisted accounting.
Annual Compliances for Private Limited Company
Every registered firm whose fiscal year ends on March 31st is required to file its annual return and financial statement to the MCA. Our CS-assisted filing makes yearly compliances simple for you.
Annual Filing for Limited Liability Partnership
Since an LLP is a recognized entity with the MCA, it must provide the MCA with its financial statements and partner information. The financial year, which concludes on March 31st of each year, is the reporting period.
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- Yes, all businesses—aside from sole proprietorships—are required to keep books. After a particular turnover threshold is reached, even sole proprietorships must keep their accounts. The businesses must also keep their books up to date in accordance with the established accounting standards.
- Every firm benefits from accounting and bookkeeping since it provides the necessary data for submission to the appropriate authorities (MCA, IT Department, GSTN, etc.). Additionally, it assists business owners in monitoring revenue influx and outflow, which is useful in helping them make strategic decisions for expanding their operations and developing new products.
- Annual Compliance is required of all LLPs and corporations that have registered with the MCA. Regardless of their capital and turnover, they have to comply with the yearly filing. There are fees associated with submitting late or not at all, and
It is true that annual compliance remains required even after the first fiscal year has ended. The date of incorporation determines when the financial year ends, however for that year, the annual filing is required.
- The firm or LLP must submit the financial statements for the relevant financial year—which may need to be audited—as well as the directors’ and partners’ details for the yearly compliance.
- Statement audits are required for all businesses, but not for limited liability partnerships. If an LLP’s sales surpasses INR 40 lakh or its partners’ participation exceeds INR 25 lakh, the financial statements have to be audited.
