Accounting

Accounting, also known as Accountancy, is the measurement, processing and communication of financial and non-financial information about economic entities such as businesses and corporations.

Main goal of accounting is to record and report a company’s financial transactions, performance and cash flows. Basic fundamental of accounting is based on.

• Debit what comes in and Credit what goes out.
• Debit expenses and losses, Credit income and gains.

Income Tax

Income Tax in India is the tax you pay to the Government on the basis of your income.

The Government allocates the money received on account of such Tax for various purposes such as Public Services, Infrastructure Development, Defence and Subsidies.

The below-mentioned five heads are kept in mind while filing Income Tax return:

• Income from Salary
• Income from House Property
• Income from Profit in Business
• Income from Investments/ Capital assets
• Income from Other Sources

Compliances

The functions of Accounting and Legal Compliances are to be followed and maintained simultaneously and within the prescribed time and framework of the governmental norms.

Compliance requisite for Corporate Companies (Example):

The below-mentioned five heads are kept in mind while filing Income Tax return:

• Registration with ROC
• Minutes Book
• EPF/ESIC/PRC/Workmen policy, etc.
• Internal Audit/Budgetary Control system
• Statutory Audit
• Companies Financial Reporting
• Profit and Loss – Balance sheet on Actual Basis