In This Article We will look At Books of Accounts to be maintained by Private Limited Company, As you Know All Companies that are Formed in India are required to obligatorily keep up a book of records or Book of accounts under the Companies Act, 2013. Moreover, the Companies Act, an organization enlisted in India will likewise be ordered by the Income Tax Act to look after records.
Books of Accounts to be Maintained by Private Limited Company
Who Under Income Tax Act are required to Maintain Books Of account?
In the event that the deal/turnover/net receipts from the business or calling is more than Rs. 25,00,000 or the salary from business or calling is more than Rs. 2,50,000 in any of the 3 going before years, at that point books of records will be obligatorily kept up.
Following Profession are Covered under this arrangement :
- Legal or Legitimate
- Medical or Therapeutic
- Engineering, Building or Construction Company
- Architectural
- Accountancy and bookkeeping
- Technical consultancy
- Interior decoration
- Authorised Representative (one who charges fees for representing someone before a tribunal or any authority)
- Film producer, editor, actor, director, music director, art director, dance director, and costume designers etc.
- Company secretary and chartered accountant
Hence, if the previously mentioned callings have a pay of more than Rs. 2,50,000 in any of the 3 going before years, they have to keep up books of records. If there should be an occurrence of another Profession likewise if the salary is relied upon to be more than Rs. 2,50,000, the experts ought to look after books.
Books of Accounts to be maintained by Private Limited Company Under Companies Act
- Cash Book, Journal , Cash flow statement and Ledgers
- Copies of bills or receipts, Records of sales and purchases and Records of assets and liabilities
- Financial Statements Such as Profit and Loss account, Balance sheet and trading Account.
- Deeds, voucher and Other Documents in Physical or electronic format
What is the Place where Books of Accounts to be maintained by Private Limited Company should be Kept?
Maintaining Book of Accounts of Private Limited Company Online
- An organization can keep up its books of records on the web or in an electronic shape subject to the accompanying conditions:
- The electronic records must be open in India.
- Data ought to hold the organization in which it is created and ought to stay finish and unaltered
- Data gave by branch ought not to be adjusted
- Electronic records ought to be equipped for being shown in a decipherable frame or in legible form.
- Reinforcement will be kept in server situated in India
- The organization should suggest ROC on yearly premise with pertinent data identified with the Service Provider.
Maintaining Books of Accounts at Branch Office
In the event that an organization has in excess of one office, the primary book of records of the organization must be kept up at the enrolled office. What’s more, records of exchange affected at its branch, ought to be kept at branch office itself. A customary synopsis report must be sent to enrolled office and it ought to be kept open to examination by the Directors.
Conclusion for Books of Accounts to be maintained by Private Limited Company
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