Book Keeping Services

The Income Tax Act has specified the books of accounts that are required to be maintained for the purpose of Income Tax. These have been prescribed under section 44AA and Rule 6F.

Our bookkeeping services allow for an affordable and efficient way to get up-to-date and accurate bookkeeping records any where in India.

We provide bookkeeping solution tailored around the financial needs of your business.

Who is required to maintain books of account?

The following professions should maintain accounting records if their gross receipts are more than Rs. 1,50,000 in 3 preceding years for an existing profession. This also applies to a newly set up profession whose gross receipts are expected to be more than Rs. 1,50,000.

 

Penalty when accounting records as required are not maintained as per Section 44AA

If the tax payer fails to maintain accounting records as per the requirements of Section 44AA, a penalty may be levied under section 271A. The maximum penalty that can be charged is Rs. 25,000. However, if the tax payer can prove there is a reasonable cause for failure to maintain accounting records – such penalty may not be levied.