Bookkeeping Services

Tally Prime is the dominant accounting software in India with 7 million+ users. Best for: Manufacturing, trading, retail businesses that need inventory management, job work GST (57F challans), multi-godown stock, and cost category/centre reporting. Tally is GST-compliant with direct GSTR-1, GSTR-3B reconciliation. Tally is an on-premise or Tally on Cloud solution — data stays with you. Tally Prime subscription: ₹18,000/year (Silver) or ₹54,000/year (Gold for multi-user). Zoho Books is a cloud-based solution ideal for: Service businesses, startups with remote teams, businesses needing automated bank feeds, and those wanting client portal access. Zoho Books has direct GST filing, GSTR-1/3B filing from the software, e-invoicing, and auto-bank reconciliation via bank feed. Pricing: ₹9,000-₹18,000/year depending on plan. Our recommendation: Tally Prime for manufacturing/trading with complex inventory. Zoho Books for service businesses, startups, and e-commerce. If you already use one, we adapt — we work with both. We also work with QuickBooks, BUSY, and Excel for migration/cleanup projects.

ROC (Registrar of Companies) compliance is mandatory for Private Limited Companies and LLPs: For Private Limited Companies: (1) Form AOC-4 — Filing of Financial Statements (Balance Sheet, P&L, Notes, Directors' Report) — due 30 days after AGM (Annual General Meeting). AGM must be held within 6 months of financial year end, i.e., by September 30. So AOC-4 is typically due by October 30; (2) Form MGT-7 — Annual Return containing shareholder/director details, charges — due 60 days after AGM, typically November 29. For LLPs: Form 8 (Statement of Account & Solvency) — October 30; Form 11 (Annual Return) — May 30. Penalty for late filing: ₹100/day per form — there is NO maximum limit since 2019 amendment. A company that delays MGT-7 by 365 days faces ₹36,500 penalty (plus ₹36,500 for AOC-4 if also delayed). For habitual defaulters, the Registrar can strike off the company. Directors of struck-off companies are disqualified under Section 164(2) from being directors of any company for 5 years. We ensure zero late filings by tracking AGM dates, coordinating with statutory auditors, and filing ROC forms before deadlines.

Form 26AS (Tax Credit Statement): Shows TDS deducted by employers/banks/others, advance tax paid, self-assessment tax paid, refunds received, and high-value financial transactions (Part E). Useful for reconciling TDS credits before filing ITR. Taxpayers have relied on 26AS for years to verify that TDS appearing in their return matches what deductors deposited. Annual Information Statement (AIS): A much more comprehensive statement launched in November 2021 on the new Income Tax portal. AIS captures: all TDS (same as 26AS), plus interest income from banks and post office, dividend income from shares/mutual funds, securities/mutual fund transactions (purchase and sale amounts), sale of immovable property, rent received, foreign remittances, and more. AIS also provides a comparison: what the taxpayer reported in ITR vs what the AIS shows — mismatches highlighted. AIS is now the primary tool the Income Tax Department uses for scrutiny and sending compliance notices. Taxpayer Information Summary (TIS) is a simplified version. Key action: Before filing ITR, download both 26AS and AIS from the IT portal. Reconcile: (1) TDS in 26AS must match your books exactly; (2) Investment/income in AIS must match your return. Any income in AIS not declared in ITR will trigger automated 143(1) adjustment or 143(2) scrutiny. We perform complete AIS reconciliation before every ITR filing.

Yes — every Private Limited Company must have its accounts audited by a Chartered Accountant (Statutory Audit) every financial year, regardless of turnover, age, or activity status. This is mandatory under Section 139 of the Companies Act 2013. The audit requirement applies even to dormant companies (though dormant companies can apply for reduced compliance under Section 455). The statutory auditor: Must be a CA firm; Appointed at the first AGM for 5 years; Rotation every 5 years for companies above certain thresholds. What the audit covers: Verification of financial statements (Balance Sheet, P&L, Cash Flow, Notes); Compliance with Accounting Standards or Ind AS; Adequacy of internal controls; Whether accounts give a "true and fair view". Tax Audit (Section 44AB) is separate and additional to the Statutory Audit: mandatory for businesses with turnover > ₹1 crore (or ₹10 crore if 95% receipts/payments digital) and professionals with gross receipts > ₹50 lakhs. Tax Audit Report: Form 3CA + Form 3CD. Both statutory audit and tax audit must be completed before September 30 (extended in some years). We coordinate with empanelled CA firms for efficient, cost-effective audits. For small companies (paid-up capital < ₹50 lakhs and turnover < ₹2 crores), a simpler audit procedure applies.

Inventory valuation affects COGS (Cost of Goods Sold) and therefore profit — choosing the right method matters for accurate financials and tax efficiency. FIFO (First In, First Out): Assumes the oldest inventory purchased is sold first. Example: Jan purchase 100 units @ ₹100; Feb purchase 100 units @ ₹120. Sell 150 units in March. COGS = 100 × ₹100 + 50 × ₹120 = ₹16,000. Closing stock = 50 × ₹120 = ₹6,000. In periods of rising prices, FIFO gives lower COGS (better profitability) but higher closing stock value (higher tax). Weighted Average Method: All purchases averaged before computing COGS. Same example: Average cost = (100×₹100 + 100×₹120) ÷ 200 = ₹110/unit. COGS = 150 × ₹110 = ₹16,500. Closing stock = 50 × ₹110 = ₹5,500. Indian Income Tax perspective: Section 145A mandates valuing inventory including excise duty/GST paid on purchases (for GST registered businesses, ITC is availed so closing stock is GST-exclusive). ICAI Accounting Standard AS-2 (or Ind AS 2) requires consistent application of FIFO or weighted average — LIFO is not permitted. From a taxation standpoint: Consistent method must be followed year after year. Changing methods requires AO approval under Section 145. Most Indian businesses use weighted average for simplicity, while trading businesses with perishables or electronics (fast price changes) benefit from FIFO. Tally Prime supports both methods — we configure based on your business type.