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Received an income tax certificate? Then submit your tax return now. Get Started Now
Don’t stress or worry about last-minute ITR filling. Trust our expert –
Accounting & Book Keeping
Services (virtual CFO)
Get Free Consultation
Switch to Hassle-free Accounting
Your Trusted Partner for Accounting & Bookkeeping Services in India
At TaxSharks we understand that managing finances can be overwhelming for businesses of all sizes. That’s why we offer comprehensive Accounting and Bookkeeping Services, tailored to meet your unique needs. With our Virtual CFO services, we provide you with the expertise of a Chief Financial Officer, without the need to hire a full-time executive.
At TaxSharks we understand that managing finances can be overwhelming for businesses of all sizes. That’s why we offer comprehensive Accounting and Bookkeeping Services, tailored to meet your unique needs. With our Virtual CFO services, we provide you with the expertise of a Chief Financial Officer, without the need to hire a full-time executive.
HOW WE WORK
Right plan for your business
- TRUST & SOCIETY
- SECTION 8 COMPANY
Standard
₹3499/- Per Month
It offers a reliable and cost-effective hosting solution with all the essentials you need to get started.
- Dedicated Accounts Manager
- Monthly MIS reporting
- Accurate GST Return Filing
- Accounting for one month upto 100 entries
Additional Feature:
*Notes
Startup Plan
₹4999/- Per Month
It includes a range of advanced features and resources to support and grow your online presence.
- Dedicated Accounts Manager
- Monthly MIS reporting
- Preparation of Final accounts & Annual Repor
- Accurate GST Return Filing
- Reconciliation of GSTR 2B with Purchase Register
- TDS Return Filing and Advance Tax Assistance
- Accounting for one month upto 250 entries
Additional Feature:
*Notes
Shark Plan
₹7999/- Per Month
It offers the most robust set of features and resources to ensure the smooth operation and growth of your website.
- Dedicated Accounts Manager
- On Call Consultation
- Monthly MIS reporting
- Preparation of Final accounts & Annual Report
- Accurate GST Return Filing
- Reconciliation of GSTR 2B with Purchase Register
- TDS Return Filing and Advance Tax Assistance
- EPF ESIC Return Filing (for upto 5 employees)
- Professional Tax Return Filing
- Accounting for one month upto 500 entries
Additional Feature:
*Notes
Standard
₹2999/- Per Month
It offers a reliable and cost-effective hosting solution with all the essentials you need to get started.
- Dedicated Payroll Expert
- Generation of salary slips
- PF Return Filing
- Employee TDS computation
- Issue of Form 16
- Suitable for Upto 10 Employees
Additional Feature:
*Notes
Startup Plan
₹4999/- Per Month
It includes a range of advanced features and resources to support and grow your online presence.
- Dedicated Payroll Expert
- Generation of salary slips
- PF Return Filing
- ESI Return Filing
- Issue of Form 16
- Employee TDS computation
- Assistance with TDS Deposit and TDS Return Filing
- Suitable for Upto 30 Employees
Additional Feature:
*Notes
Shark Plan
₹7999/- Per Month
It offers the most robust set of features and resources to ensure the smooth operation and growth of your website.
- Dedicated Payroll Expert
- Generation of salary slips
- PF Return Filing
- ESI Return Filing
- Issue of Form 16
- Employee TDS computation
- Assistance with TDS Deposit and TDS Return Filing
- Professional Tax Return Filing
- Suitable for Upto 100 Employees
Additional Feature:
*Notes
Not sure about the packages?
Talk to our experts to understand your business compliance
needs and suggest the best plan for you.
needs and suggest the best plan for you.
- Overview
- Documents Required
- Benefits of Registration
- Why TaxSharks
Overview
Legal Provision
Section 128 of the Companies Act, 2013 mandates that every company must prepare and maintain its books of accounts, relevant documents, and financial statements for each financial year, providing a true and fair view of the company’s affairs.
Section 128 of the Companies Act, 2013 mandates that every company must prepare and maintain its books of accounts, relevant documents, and financial statements for each financial year, providing a true and fair view of the company’s affairs.
Similarly, Section 34 of the LLP Act, 2008 imposes almost identical requirements on Limited Liability Partnerships (LLPs).
Books to be Preserved for 8 Years
Both companies and LLPs are required to preserve their books of accounts, relevant documents, vouchers, accounting records, bank statements, invoices, registers, etc., for a minimum of eight years. In the event of any legal proceedings related to accounts or taxes, these records must be preserved until the conclusion of such proceedings.
Punishment for Non-compliance
Failure to comply with Section 128 of the Companies Act can result in imprisonment for up to one year or a fine ranging from Rs. 50,000 to Rs. 5 lakhs, or both. For LLPs, non-compliance with Section 34 attracts a penalty between Rs. 25,000 and Rs. 5 lakhs for the LLP and between Rs. 10,000 and Rs. 1 lakh for designated partners.
Place of Maintaining Accounts
Books of accounts must be maintained at the registered office of the company or LLP. The board of directors may decide to keep and maintain these books at any other location in India, but such a decision must be reported to the Registrar of Companies (ROC) in Form No. AOC-5 within seven days. For LLPs, the books must be maintained at the registered office.
Responsible Person
The primary responsibility for maintaining books of accounts lies with the Board of Directors of a company or the designated partners in an LLP. In cases of non-compliance, the Managing Director, the whole-time director in charge of finance, the Chief Financial Officer of the company, and the designated partners of the LLP are held accountable.
Finalisation of Accounts & Audit
At the end of the financial year, final accounts must be prepared, resulting in the profit and loss account and the balance sheet for that year. These accounts need to be signed by two directors or designated partners. For companies, the accounts must be audited by statutory auditors. In the case of LLPs, an audit is required if the turnover exceeds Rs. 40 lakhs.
Documents Required
- Invoices/Bills raised during the month.
- Purchase Bills or Invoices of Services availed.
- Sale or Purchase Returns.
- Debit and Credit Notes.
- Detailed Statement of all Bank Accounts
- Cash Book with vouchers and evidence.
- Any other information of financial nature
Benefits
Regulatory Compliance
Ensures that businesses comply with tax laws, statutory requirements, and other regulations. Proper bookkeeping helps in timely and accurate filing of tax returns and other mandatory submissions.
Financial Management
Facilitates effective management of finances by providing clear insights into income, expenses, assets, and liabilities. This helps in budgeting, forecasting, and financial planning
Improved Decision Making
Accurate financial records enable better decision-making by providing reliable data on financial performance, cash flow, and profitability. This helps in making informed strategic decisions.
Cash Flow Management
Helps in tracking cash flow, ensuring that the business has enough liquidity to meet its obligations and invest in growth opportunities. Effective cash flow management can prevent financial crises.
Why Taxsharks
TaxSharks is a idea introduced by like-minded professionals understanding the issues & problems faced by small, medium & large businesses. We are team of professionals including Chartered Accountants, Company Secreteries, Lawyers & Consultants, passionate to simplify the taxation & business laws. We aim at providing one on one expert assistance about all your queries assuring satisfaction.
TAXSHARKS
- Contact us +91 92352 99635
- Info@taxsharks.com