Skip to main content

Maintenance Books Accounts Under GST& Companies Act | Certicom

Maintenance Books of Accounts Under Income Tax , GST & Companies Act


Books with invoices, including vouchers and receipts, must be maintained under different statutory laws – Income Tax Act, Companies Act 2013 and GST Act. Books accounts that maintain, retention and claim lists are different according to all 3 laws.

According to the Income Tax Act

If the sales/turnover / gross income of the company or profession are more than Rs. 25,00,000 or income from business or profession is more than Rs. 2,50,000 in any of 3 recent years, accounting records will be kept in a satisfactory manner.
The following Professions are covered by this provision –
  • Legal
  • Medical
  • Engineering
  • Architectural
  • Accountancy
  • Technical Consultancy
  • Interior Decoration
  • Authorised Representative (one who charges fees for representing someone before a tribunal or any authority)
  • Film artist (Producer, Editor, Actor, Director, Music director, Art Director, Dance Director, Cameraman, Singer, Lyricist, Story Writer, Screenplay or Dialogue Writer and Costume Designers.
  • Company secretary
Thus, if the above professions have income more than Rs. 2,50,000 in any 3 past years, they need to maintain accounting. In the case of a new profession, revenue is expected to be more than Rs. 2,50,000, professionals should maintain books.

Books of accounts as per Rule 6F

  • Cash Book
  • Journal
  • Ledgers
  • Copies of bills or receipts
  • Daily tariff with information about patients, services provided, fees received and receipt date (persons engaged in medicine)
  • Information about stocks of medicines, medicines and other consumer products (physicians)
If income is not more than Rs. 2,50,000 in any 3 past years or not expected to be more than Rs. 2,50,000 if a new profession is in place, books should also be kept. However, books, in this case, have not been specified – so that some books can be kept, but it should be possible for ATO to calculate revenue.

How long do the books hold?

Books shall be kept for 6 years after the end of the year in question.

Under the Law of Business

Every company needs to keep a book, office or office that the board member can decide. If the company holds books in an office other than a registered office, it must match the RoC. The company can also keep the accounts electronically.

How long do the Books hold?

Books shall be kept for 8 years from the end of the relevant fiscal year.

Accounts Books that Maintain

  • Statement of Cash Flows
  • List of sales and purchases,
  • List of assets and liabilities
  • Costs
  • Works, attachments, writing, documents, minutes and records whether in physical or electronic form

According to GST law

Every registered person must maintain GST entries at the main business centre.

Files that are Maintained

  • Manufacture or manufacture of goods
  • Import and export of goods or services or both
  • Stock of goods
  • Income tax new
  • Contributions tax paid and paid and
  • Other information that may be prescribed

How long should Records keep?

Books and records shall be kept for 6 years from the last filing date of the annual dividend (31 December) for that year.

Comments

Post a Comment

Popular posts from this blog

Benefits of Filing ITR on Time - Avoid Penalties & Other Benefits | Certicom

Benefits of Filing Income Tax Return on time – AY 2018-19 1. Easy Loan Approval Registration of  ITR  will help individuals, when they need to apply for a vehicle loan (2-wheeler or 4-wheeler), mortgages, etc. All major banks can request a copy of the tax return 2. Claim tax refund If you have a refund for your  income tax , you will need to submit a tax return to claim the refund. 3. Income and address of evidence Income tax can be used as proof of income and address. 4. Quick Visa Processing Most embassies and consulates must submit a copy of your tax return in the past two years when a visa application is submitted. 5. Forward your loss If you sign up again within the due date, you will be able to claim losses over the next few years, which can be used to receive income from subsequent years. 6. Avoid penalties If you have to return your tax return, you will not be entitled to tax, up to Rs.5,000. 7. Refer to and earn up to Rs. 3000 Refer and get Rs
Post a Comment
Read more

Misconceptions on TDS |Tax Deducted at Source | Certicom

Misconceptions about TDS (Tax denied at source) I recently published articles on TDS for periodic deposits and TDS for the withdrawal of the EPF. I received lots of TDS comments/questions about the amount of the source. I have noticed that there are many  misconceptions   about TDS. Many investors think that TDS refusal completely removes their tax liability. Another misrepresentation is – “ Without TDS means, without a tax obligation “. What is TDS? The tax amount of the source or TDS is a tax collection process from the tax department. This involves collecting revenue at the very source of income. It is an essentially  indirect tax  collection method that combines the concepts of “pay as you earn” and “collect as you earned.” Example:  You reserve a bank fixed deposit for Rs 3 Lakh for 1 year @ 10% per annum. You will earn an income of interest of 30,000 pounds per year. The bank will deduct TDS at a rate of 10%, for example, 3,000 rubles (10% from 30,000 rubles) and deposi
Post a Comment
Read more

Registrar of Companies ( ROC ) India - Learn more about ROC | Certicom

The Registrar of Commissioner (ROC) is an office under the Ministry of Social Affairs (MCA), the agency dealing with corporate governance and limited liability companies in India. At present, 22 company registrars (ROCs) operate in all major countries. However, states like Tamil Nadu and Maharashtra have more than one ROC. As provided for in Section 609 of the Public Limited Companies Act, 1956, the organizational unit is assigned a principal employee to list both the companies and the LLP countries across the state and the territories. The Registrar also confirms that the LLPs (Public Limited Companies Act) complies with the legal requirements of the Public Limited Companies Act, 2013. The Registrar of Companies keeps records of companies registered with them and allows the public to access this information for the payment of a particular fee. The government preserves the administration of the Registrar of Companies with the assistance of the Regional Director. As of today, ther
Post a Comment
Read more