Bookkeeping & Accounting Services

Most SMEs not required to follow Ind AS follow the ICAI Accounting Standards (AS 1-29) under the Companies (Accounting Standards) Rules 2006, notified under Section 133 of the Companies Act 2013. Companies with net worth below Rs 250 crore that are unlisted use these standards. We determine your applicable framework before setting up the chart of accounts.

Under Section 35 of the CGST Act 2017, every registered person must maintain accounts and records at the principal place of business. Properly classified monthly books feed directly into GSTR-1 (outward supply details) and GSTR-3B (summary return), eliminating reconciliation mismatches and reducing risk of interest under Section 50 of the CGST Act for late or short payment of tax.

Section 128 of the Companies Act 2013 requires every company to keep books of account on a double-entry accrual basis at its registered office (or an approved alternate location) and retain them for eight years. Failure to maintain proper books is an offence under Section 128(6), carrying penalties for the MD, whole-time directors, and CFO.

Under Section 63 of the Income-tax Act 2025 (equivalent to Sec 44AB, IT Act 1961 (≡ §63, IT Act 2025) of ITA 1961 for AY 2026-27), businesses with turnover exceeding Rs 1 crore (or Rs 10 crore where cash transactions are below 5%) must get accounts audited by a CA and file Form 3CA/3CB with Form 3CD. Discrepancies flagged in Form 3CD clauses such as Clause 14 (depreciation) and Clause 26 (TDS default) almost always trace back to poor underlying books.

Every payment subject to TDS must be recorded with the deduction posted under the relevant section — for example, Section 194C for contractor payments and Section 194J for professional fees under ITA 1961 (equivalent provisions in Chapter XXXIX of ITA 2025 for TY 2026-27 onwards). We reconcile TDS payable entries against Form 26AS and AIS each quarter and ensure Form 16A is issued within the deadline prescribed under Rule 31 of the Income-tax Rules 1962.