Bookkeeping and accounting involve tracking all financial and business transactions for business owners and management. Every income, expense, asset, and liability is recorded in the books of accounts. At the end of the financial year, which concludes on 31st March, accounts are finalized. This is followed by regulatory compliance, where business transactions are reported to authorities. Companies and LLPs are required to file financial statements with the MCA each financial year, often with the assistance of company secretaries. While accounting is essential for most businesses, annual compliance is mandatory only for companies and LLPs
Accurate accounting and bookkeeping are essential for a successful business. With CA-assisted services, we keep your books up-to-date and compliant with applicable accounting standards
Every registered company must file its annual return and financial statements with the MCA for each financial year ending on 31st March. With CS-assisted filing, we make annual compliance simple and hassle-free
An LLP, being a registered entity with the MCA, must file its financial statements and partner details annually. The reporting period follows the financial year ending on 31st March
Yes, bookkeeping is mandatory for all businesses except the sole proprietorship firm. Even the proprietorship firm has to maintain accounts after crossing a certain turnover. Additionally, the companies have to maintain accounts as per the accounting standards prescribed.
Accounting & bookkeeping helps every business by providing the sufficient data for its submission to respective authorities (MCA, IT Department, GSTN, etc.). It additionally helps owners to keep track of inflow and outflow of money which is helpful to make strategic decisions for product development and business growth.
Annual Compliance is mandatory for all companies and LLPs registered with MCA. Irrespective of their turnover and capital, the annual filing must be complied with. Late filing or non-filing result in additional fee and penalties.
Yes, annual compliance is mandatory even after the closure of the first financial year. Although the closure of the financial year depends on the date of incorporation, the annual filing would be mandatory for said year.
For the annual compliance, the company/ LLP has to provide the financial statements (audited, if required) along with the details of the directors and partners for the concerned financial year.
Audit of statements is mandatory for all the companies, but not in case of LLP. The financial statements of LLP must be audited if its turnover exceeds INR 40 Lakh or the partners’ contribution exceeds INR 25 Lakh.
