Accounting, audit, taxes
Combining process and technology with professional expertise.
Frequently Asked Questions
What is monthly accounting and bookkeeping?
- The records of the company are well maintained
- For filing of taxes, the amount needs to be calculated. In the absence of bookkeeping and entries, calculation of taxes is prone to errors.
- For Private Limited Companies and other entities which meet the revenue criteria, auditing is mandatory. Bookkeeping is the process of creation of the books which are audited by the auditor. It is advisable to maintain monthly books of accounts which can be audited at the end of the financial year instead of creating the accounts in the end.
What are the monthly tax and returns filings that a business must comply with?
- GST: The business needs to file GSTR 3 (b) before 20th day of the next month. The GST amount needs to be deposited with the GST department.
- TDS: A business is required to deduct the applicable TDS while making any payment. This TDS amount is to be deposited with the Income Tax department before the 7th of next month.
- Professional tax: Businesses with employees applicable for Professional Tax have to deduct this amount from their salaries and deposit it with the Professional Tax department of the state.
- PF filings: For companies with PF registration, the PF amount of the contributions from the employees and the employer needs to be deposited with the PF department before the 10th of the next month.
- ESI filings: For companies with ESI registration, the ESI amount of the contributions from the employees and the employer needs to be deposited with the PF department before the 10th of the next month.
What are the returns filings that need to be done?
- GST Returns: Both monthly (GSTR-3B) and quarterly (GSTR-1) returns need to be filed.GSTR-1 has to be filed every quarter
- TDS Returns: This has to be filed every quarter
Do I need to do GST Filings
What is TDS?
How do I deposit the TDS collected to Government?
- TDS is paid to Government through the Income Tax department every month
- Every quarter TDS returns need to be filed to the IT department. Here we need to give the details of every deduction made in that quarter. Details involves name of the vendor, PAN number, purpose of payment etc.
What is payroll processing?
There are many accounting softwares in the market. Why should I hire an accountant to manage my accounts?
- Their expertise lies in maintaining the books and make it a very streamlined and smooth process.
- Laws and amendments are enacted by the government frequently. A professional is updated with the changes and hence in a better position to avoid any mistake or missing on compliances or deadlines