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Starting at Just Rs. 699/- (All Inclusive)
Book Keeping for Individuals / HUF / AoP / BoI
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Book Keeping For Individuals / HUF / AoP / BoI​ @ Rs. 699/-
- Salary Income
- Rent Income From One Property
- Interest Income etc.
This pricing plan includes free consultation
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Book Keeping For Individuals / HUF / AoP / BoI​ @ Rs. 1099/-
- Salary Income
- Rent Income From Properties
- Capital Gains or Losses
This pricing plan includes free consultation
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Book Keeping For Individuals / HUF / AoP / BoI​ @ Rs. 1999/-
- All Income Covered in ITR-2
- Income From Business or Profession
- Interest Income etc.
- Income or Loss From Intraday Share Trading
- Income or Loss From Derivatives (F&O)
- Director/Patner in a Company/LLP
This pricing plan includes free consultation
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Book Keeping For Individuals / HUF / AoP / BoI​ @ Rs. 1499/-
- Salary Income
- Rent Income From Propeties
- Professional Receipts up to Rs. 50 Lacs
- Businesses Covered under Presumptive Taxation
This pricing plan includes free consultation
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Book Keeping for Individuals / HUF / AoP / BoI
An Overview
Bookkeeping is crucial for managing finances effectively, regardless of the entity type. It involves systematically recording, organizing, and managing financial transactions to ensure accurate financial reporting and compliance with regulatory requirements.
Individuals: For individuals, especially freelancers, business owners, or investors, bookkeeping helps track income, expenses, and investments. This ensures accurate tax filing, simplifies income tax returns, and aids financial planning.
Hindu Undivided Families (HUFs): HUFs benefit from bookkeeping by managing assets like ancestral properties and investments. It ensures tax efficiency and resolves disputes among family members regarding asset distribution.
Associations of Persons (AoPs) and Bodies of Individuals (BoIs): AoPs and BoIs are formed by multiple individuals for a specific purpose. Proper bookkeeping helps in regulatory compliance, financial transparency, and efficient management of contributions and expenses.
Overall, bookkeeping is essential for managing finances effectively and ensuring compliance with legal requirements. It aids in accurate tax filing, financial planning, and efficient management of assets and expenses wit Fiscalnow.
Is It Mandatory?
Yes, bookkeeping is mandatory for individuals, HUFs (Hindu Undivided Families), AoPs (Associations of Persons), and BoIs (Bodies of Individuals) to varying extents, depending on their income and financial activities. It is crucial for:
- Individuals: Ensuring accurate income tax filings and compliance with tax laws.
- HUFs: Managing ancestral property and income, and for tax efficiency.
- AoPs and BoIs: Ensuring regulatory compliance and financial transparency.
Proper bookkeeping helps in maintaining accurate financial records, which are essential for filing tax returns and complying with various legal and regulatory requirements. It also supports financial planning and decision-making.
Information / Documents Required
General Documents / Informations Required from all assessees:
For Individuals:
- Income Documents:
- Salary slips or income statements
- Income from freelancing or business activities
- Investment income (interest, dividends, etc.)
- Expense Documents:
- Receipts and invoices for business expenses
- Bank and credit card statements
- Asset Documents:
- Documents related to property ownership and transactions
- Investment statements
- Tax Documents:
- Form 16 (for salaried individuals)
- TDS certificates
- Tax-saving investment proofs (like LIC premium receipts, PPF receipts, etc.)
For HUFs:
- Income Documents:
- Income from ancestral property
- Income from investments and business activities
- Expense Documents:
- Receipts and invoices for business expenses
- Asset Documents:
- Property ownership documents
- Investment statements
- Tax Documents:
- TDS certificates
- Tax-saving investment proofs
For AoPs and BoIs:
- Income Documents:
- Contributions from members
- Income from investments and activities carried out by the entity
- Expense Documents:
- Receipts and invoices for entity expenses
- Asset Documents:
- Property ownership documents
- Investment statements
- Tax Documents:
- TDS certificates
- Tax-saving investment proofs
Common Documents for All:
- Bank Statements: For tracking income and expenses.
- Invoices and Receipts: For business expenses and income.
- Financial Statements: Balance sheet, profit and loss statement.
- Legal Documents: Incorporation certificate, partnership deed, etc., depending on entity type.
Additional Requirements:
- Audit Reports: For entities that require auditing.
- Compliance Documents: GST returns, TDS returns, etc.
- Regulatory Filings: ROC filings, if applicable.
Benefits
Bookkeeping helps individuals track income, manage expenses, and ensure accurate tax filing. It also supports financial planning by providing insights into spending habits and savings.
For HUFs, proper bookkeeping ensures clear management of ancestral property and investments. It supports tax efficiency and facilitates fair distribution of income among family members.
Bookkeeping for AoPs and BoIs ensures regulatory compliance and financial transparency. It helps in managing contributions from members, tracking entity expenses, and maintaining accurate financial records.
Common documents include income statements, expense receipts, bank statements, investment statements, and tax-related documents like TDS certificates and Form 16 (for individuals).
By maintaining detailed financial records, bookkeeping helps individuals and entities identify eligible tax deductions, plan investments, and ensure compliance with tax laws, thereby minimizing tax liabilities.
Accurate financial data provided by bookkeeping enables informed decision-making regarding investments, expenses, and business operations. It supports strategic planning and growth initiatives.
Accurate records are crucial for preparing financial statements, filing tax returns, obtaining loans, and complying with legal and regulatory requirements. They provide a clear picture of an entity’s financial health.
Professional bookkeepers offer expertise in maintaining accurate records, ensuring compliance with tax laws, and providing financial insights. This allows individuals and entities to focus on their core activities while ensuring financial stability and growth.
