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Accounting Services Small size firm/company (up to 2cr turnover yearly)

About This service

As specialists in small business, the firm’s partners must focus on creative solutions designed to enhance business processes and improve client success. They’ve forged a solid reputation on providing reliable, outside services to small business owners who want to increase their financial success. Consult MyTax will provide services to guide you through to start your business to process financial statements, spend hours researching tax compliance laws or worry about every detail of the deductions on your employees' payroll. Integrating our solutions with your business will provide you with the financial management credibility it requires.

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Includes/exclude

in service

  • Recording of entries on daily basis to fulfill statutory requirements.
  • Preparation of Ledger Accounts-Cash, Sales, Purchases, Expenses, bank and other as per business needs.
  • Preparation of Receipts and Expenses Statement/Profit and Loss Account
  • Bank Reconciliation Statement as on date
  • Statement of balance of Account Receivables and Payables as on date
  • Stock Summary as on date

Whom

it’s beneficial

  • This plan is designed to address the accounting needs of businesses and professionals operating as :
  • Goods Traders
  • Professionals & Consultants
  • Share Market Traders
  • Individual Freelancers

Process

  • Purchase plan
  • Provide details about the business
  • Scan documents of business transactions
  • Explanation of transactions (If needed) to understand business properly
  • Get your financial statement and other required information whenever needed

Information/Documents

needed

  • The documents needed shall depend on the service you need at a particular point of time. The same shall be communicated to you by our experts based on your requirements.

Other Information

While running a business, maintaining books of accounts is essential. The Tax Department needs them, the bank or your investor might ask for them. Outsource your book keeping function and let professionals manage your business financial reporting.

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What is it you need to know about the Tax Filing of small scale firms?

To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD and section 44AE. The provisions of section 44AD are applicable to such resident assesse who is an Individual, Hindu Undivided Family and Partnership Firm but not Limited Liability Partnership Firm.

Unlike section 44AE, in case of section 44AD there is a restriction on which categories of assessees can opt for the scheme. Only specific categories of resident assessees as discussed above can opt for this scheme. The presumptive taxation scheme under these provisions can be opted for by the eligible assessee who is engaged in any business (except the business of plying, hiring or leasing goods carriages referred to in section 44AE), whose turnover or gross receipts from such business do not exceed the prescribed limit of audit under section 44AB

As per Section 44AB, the Tax audit will be applicable to the Assessee carrying on business, if his turnover exceeds Rs 1,00,00,000 effectively from the previous year 2012-13. For the previous year 2011-12, this limit was Rs. 60,00,000

Further, these provisions can be adopted by the assessee only if he has not claimed deduction under:

Section 10A: Special provisions in respect of newly established Units in Special Economic Zones

Section 10AA: Special provision in respect of newly established undertakings in free trade zone

Section 10B: Special provisions in respect of newly established hundred per cent  export-oriented undertakings

Section 10BA: Special provisions in respect of export of certain articles or things or under sections 80HH to 80RRB in the relevant year.

Moreover, the provisions of section 44AD cannot be adopted by an assessee who is engaged in any profession as prescribed under section 44AA or is carrying on an agency business or is earning income in the nature of commission or brokerage.

As per section 44AA, any person carrying on any of the following professions is required to maintain books of account:

  • Legal
  • Medical
  • Engineering
  • Architectural
  • Chartered Accountant
  • Technical consultancy
  • Interior designers

Any other such professions as may be notified by the central board of direct taxes

What are the Tax Return Due Dates for Small Business?

Because small businesses file their business tax returns with their personal returns, the due date is the same as the personal income tax return due date: April 15. If the due date falls on a holiday or weekend, the next business day is the due date for that year.

What are the daily Accounting Tasks for Small Scale Firms?

1. Check Cash Position

Since cash is the fuel for your business, you never want to be running near empty. Start your day by checking how much cash you have on hand. Knowing how much you expect to receive and how much you expect to pay during the upcoming week/month is important, too—but it is not gas in your tank.

2. Record Transactions

Record each transaction (billing customers, receiving cash from customers, paying vendors, etc.) in the proper account daily or weekly, depending on volume. Although recording transactions manually or in Excel sheets is acceptable, it is probably easier to use accounting software like QuickBooks. The benefits and control far outweigh the cost.

3. Document and File Receipts

Keep copies of all invoices sent, all cash receipts (cash, check and credit card deposits) and all cash payments (cash, check, credit card statements, etc.).

Start a vendors file, sorted alphabetically, (Staples under “S”, Costco under “C,”etc.) for easy access. Create a payroll file sorted by payroll date and a bank statement file sorted by month. A common habit is to toss all paper receipts into a box and try to decipher them at tax time, but unless you have a small volume of transactions, it’s better to have separate files for assorted receipts kept organized as they come in. Many accounting software systems let you scan paper receipts and avoid physical files altogether.

4. Review Unpaid Bills From Vendors

Every business should have an “unpaid vendors” folder. Keep a record of each of your vendors that includes billing dates, amounts due and payment due date. If vendors offer discounts for early payment, you may want to take advantage of that if you have the cash available.

5. Pay Vendors, Sign Checks

Track your accounts payable and have funds earmarked to pay your suppliers on time to avoid any late fees and maintain favorable relationships with them. If you are able to extend payment dates to net 60 or net 90, all the better. Whether you make payments online or drop a check in the mail, keep copies of invoices sent and received using our accounting software.

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