13/09/2024
Who Needs Bookkeeping and Accounting Services?
If you run a business or organization in Jharkhand, you must follow the rules set by the government, and that includes maintaining proper books of accounts. Here’s why it’s important:
1. For Companies:
According to Section 128 of the Companies Act, 2013, all types of companies—private, public, or even one-person companies—must keep accurate records of their financial transactions. This means you need to keep track of all the money going in and out of your business.
2. For LLPs (Limited Liability Partnerships):
If your business is registered as an LLP, then according to Section 34 of the LLP Act, 2008, you must keep detailed records of your finances, including statements of accounts and solvency. This helps the government check your business operations.
3. For Small Businesses and Professionals:
Even if you’re running a small business or are self-employed, like a shopkeeper or a service provider, you still need to maintain proper accounts. According to Section 44AA of the Income Tax Act, if your annual income is more than INR 1,20,000 or your sales cross INR 10,00,000 in the last 3 years, you must keep proper books of account.
4. For Professionals:
If you are a doctor, lawyer, engineer, architect, accountant, or consultant, you also need to maintain financial records to calculate your income for tax purposes.
Why Is This Important?
Maintaining proper books of accounts is not only a legal requirement, but it also helps you:
• Know the health of your business.
• Avoid penalties or legal issues.
• File correct income tax returns on time.
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Let "AccountLex Consulting" help you manage your bookkeeping and stay compliant with all these rules. We’ll take care of your books while you focus on running your business.
📞 Contact us today: 9470269454
✉️ Email: [email protected]
