Rated 4.9/5 by 312+ Chennai clientsZero penalty record across all filings24-hour response · WhatsApp-first supportOffices: Maduravoyal, Nerkundram & Nolambur (upcoming)15+ years of expert tax & compliance consulting500+ active clients across 243 Chennai areasRated 4.9/5 by 312+ Chennai clientsZero penalty record across all filings24-hour response · WhatsApp-first supportOffices: Maduravoyal, Nerkundram & Nolambur (upcoming)15+ years of expert tax & compliance consulting500+ active clients across 243 Chennai areas
on the Manapakkam-Porur corridor that passes through Ramapuram

Accounting & Bookkeeping near SRM Easwari Engineering College, Ramapuram

Professional Accounting & Bookkeeping for Ramapuram businesses near SRM Easwari Engineering College — with a documented, audit-ready process

Accounting & Bookkeeping for Ramapuram firms under Chennai West (Saidapet Division) — fixed fee, deterministic turnaround and archived working papers. Call 9566-068-468.

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312+ Reviews
15+ Years
Zero Penalties
500+ Clients
Quick Answer

Is maintenance of books of account mandatory under the Companies Act 2013 in Ramapuram, Chennai?

Yes. Section 128(1) of the Companies Act 2013 requires every company to prepare and keep at its registered office books of account and other relevant books and papers and financial statements for every financial year giving a true and fair view of the state of affairs of the company on accrual basis and double entry system. Section 128(2) read with Rule 3 of the Companies (Accounts) Rules 2014 permits books of account to be maintained in electronic mode provided they remain accessible in India at all times, are retained completely in their original format and a back-up server is located in India.

Transparent Pricing

Accounting & Bookkeeping in Ramapuram — Plans & Pricing

Fixed fees · Zero hidden charges · Call 9566-068-468 for a custom quote.

MonthlyAnnualSave 2 Months
Basic Bookkeeping
Up to 100 transactions per month
₹5,000/month
Annual: ₹60,000₹50,000 (Save ₹10,000)

  • Tally Prime / Zoho Books Data Entry
  • Sales & Purchase Voucher Posting
  • Cash & Bank Voucher Posting
  • Monthly Trial Balance
  • Monthly Profit & Loss Statement
  • Monthly Balance Sheet (Schedule III Format)
  • Transactions per Month: Up to 100
  • Bank Accounts Reconciled: 1
  • GSTR-2B vs Purchase Reconciliation
  • Payroll & Statutory Compliance
  • TDS Working & Quarterly Returns
  • Year-End Provisions & Closure
  • Dedicated Accountant
  • WhatsApp Document Pickup
  • Monthly Output via Email/Drive
Starter
Bookkeeping with bank & GST reconciliation
₹8,500/month
Annual: ₹102,000₹85,000 (Save ₹17,000)

  • Tally Prime / Zoho Books Data Entry
  • Sales & Purchase Voucher Posting
  • Cash & Bank Voucher Posting
  • Monthly Bank Reconciliation Statement (BRS)
  • GSTR-2B vs Purchase Register Reconciliation
  • Output GST Liability Reconciliation
  • Monthly Trial Balance
  • Monthly Profit & Loss Statement
  • Monthly Balance Sheet (Schedule III Division I)
  • Outstanding Receivables / Payables Aging
  • Transactions per Month: Up to 300
  • Bank Accounts Reconciled: Up to 3
  • Payroll & Statutory Compliance
  • Year-End Provisions & Tax Audit Schedules
  • Dedicated Accountant
  • WhatsApp Document Pickup
  • Monthly MIS via Email/Drive
Most Popular ⭐
Professional
Full bookkeeping plus payroll & statutory
₹18,000/month
Annual: ₹216,000₹180,000 (Save ₹36,000)

  • Tally Prime / Zoho Books Data Entry
  • Sales & Purchase Voucher Posting
  • Cash & Bank Voucher Posting
  • Monthly Bank Reconciliation Statement (BRS)
  • GSTR-2B vs Purchase Register Reconciliation
  • Output GST Liability Reconciliation
  • Payroll Register Preparation
  • PF / ESI / Professional Tax Computation
  • TDS Section 192 / 194 Working & Challan
  • Quarterly TDS Return Coordination (24Q / 26Q)
  • Monthly Trial Balance + P&L + Balance Sheet
  • Outstanding Receivables / Payables Aging
  • Section 43B(h) MSME Aging Flag
  • Year-End Schedule III Division I Closure
  • Form 3CD Schedule Preparation Assistance
  • Transactions per Month: Up to 1000
  • Bank Accounts Reconciled: Up to 10
  • Employees on Payroll: Up to 25
  • Dedicated Accountant + WhatsApp Group
  • Monthly Review Call (30 minutes)
Premium
Multi-entity Ind AS audit-ready bookkeeping
₹45,000/month
Annual: ₹540,000₹450,000 (Save ₹90,000)

  • Tally Prime / Zoho Books / SAP Business One Posting
  • Multi-Entity Consolidation (Holding + Subsidiary)
  • Multi-Currency Bookkeeping with AS-11 / Ind AS 21 Translation
  • Sales & Purchase Voucher Posting
  • Monthly Bank Reconciliation Statement (BRS)
  • GSTR-2B vs Purchase Register Reconciliation
  • Output GST Liability Reconciliation
  • Payroll Register & PF / ESI / PT Computation
  • TDS Section 192 / 194 / 195 Working
  • Quarterly TDS Return Coordination (24Q / 26Q / 27Q / 27EQ)
  • Schedule III Division II (Ind AS) Reporting
  • AS-22 / Ind AS 12 Deferred Tax Working
  • AS-15 / Ind AS 19 Gratuity Provision Coordination with Actuary
  • Ind AS 116 Right-of-Use Asset & Lease Liability Schedule
  • Ind AS 109 ECL Provisioning for Trade Receivables
  • Year-End Provisions (Audit Fee Bonus Leave Encashment Gratuity)
  • CARO 2020 Schedules (PPE FAR Stock Statutory Dues)
  • Form 3CD Clause-wise Schedule Preparation
  • Monthly MIS Dashboard with KPIs
  • Quarterly Cost-Centre / Segment Reporting AS-17 / Ind AS 108
  • Transactions per Month: Up to 5000
  • Bank Accounts Reconciled: Unlimited
  • Employees on Payroll: Up to 100
  • Entities Consolidated: Up to 5
  • Dedicated Senior Accountant + Audit Liaison
  • Audit-Ready Files for Statutory Auditor / Tax Auditor

Swipe to see all plans

Prices exclude GST. For enterprise pricing, call 9566-068-468.

Why FilingPro?

Why Ramapuram Clients Choose FilingPro

Expert Bookkeeping in Ramapuram — qualified professionals, 15+ years experience, zero-penalty track record.

AS-22 / Ind AS 12 Deferred Tax

Schedule II Companies Act book depreciation and Section 32 IT Act block-of-asset depreciation are computed in parallel for Ramapuram clients and the timing difference is booked as deferred tax — no audit qualification under AS-22 or Ind AS 12.

Payroll + Statutory Dues Aged Daily

PF, ESI and Professional Tax deductions are aged daily after the Checkmate Services Supreme Court ruling (2022) — Section 36(1)(va) compliance protects salary deduction in Ramapuram corporate tax computation.

Year-End Provisions Curated

Audit fee, leave encashment, gratuity (with actuarial coordination), bonus, performance incentive and contingent liability disclosures booked at year-end under AS-15 / Ind AS 19 and AS-29 / Ind AS 37 — no auditor's adjusting entry.

Ind AS Migration Capability

For Ramapuram companies crossing the ₹250 crore net worth threshold, Ind AS migration is handled with Ind AS 116 Right-of-Use lease accounting, Ind AS 109 ECL on financial assets and the Ind AS 115 5-step revenue model.

WhatsApp + Drive Document Pickup

Ramapuram clients share invoices, bank statements and payroll documents on WhatsApp; the FilingPro accounting team posts entries, runs reconciliations and uploads monthly Schedule III financial statements to a shared Drive folder — fully remote-capable.

Tally Prime Senior Hands

FilingPro accountants have built and re-grouped Tally Prime ledgers continuously since the Tally 9 era. Schedule III Division I/II re-classification, multi-godown inventory and statutory GST/TDS templates pre-wired for Ramapuram clients.

Key Benefits

What Ramapuram Clients Get

Every Accounting & Bookkeeping engagement delivers measurable, guaranteed outcomes — expert professionals, on time, every time.

GSTR-3B vs GSTR-2B Match Improved
Monthly purchase register reconciliation against GSTR-2B for Ramapuram clients moves the GSTR-3B vs GSTR-2B match ratio above 98% — ITC reversal with 24% interest under Rule 36(4)(b) eliminated.
Section 43B(h) MSME Tax Risk Eliminated
Year-end aging report flags Udyam-classified vendor balances unpaid beyond 45 days and feeds the Form 3CD clause 22 schedule — no surprise disallowance under Section 43B(h) at assessment for the Ramapuram client.
Statutory Dues Section 36(1)(va) Compliant
PF and ESI deducted from salary deposited within the 15th of the next month — Section 36(1)(va) salary deduction protected for Ramapuram corporate clients post the Checkmate Services Supreme Court ruling.
AS-22 / Ind AS 12 Deferred Tax Provided
Book vs tax depreciation timing difference, gratuity provision, leave encashment, brought-forward losses and unabsorbed depreciation all reflected as DTA / DTL — no AS-5 / Ind AS 8 prior-period restatement risk.
Schedule III Division I/II Migration Ready
For Ramapuram clients on the Ind AS roadmap (net worth ≥ ₹250 crore listed equivalents, NBFC ≥ ₹500 crore), Ind AS 1 first-time-adoption Ind AS 101 with full opening balance reconciliation is handled — Schedule III Division II ready.
Cash Flow Statement Produced (AS-3 / Ind AS 7)
AS-3 / Ind AS 7 Cash Flow Statement produced under indirect method, classifying operating, investing and financing flows — mandatory for all Ramapuram companies except OPC, small company and dormant company under Section 129.
Comparison

Tally vs Zoho Books

Why this matters here — Across Ramapuram, the cluster of education, residential, retail businesses that defines Ramapuram's commercial fabric. Practitioners note that served by short connections to Manapakkam and Porur and onward to central Chennai.

AspectTallyZoho Books
Posting cadenceBooks closed each calendar month with monthly trial balance, GSTR-1 / GSTR-3B reconciliation, and TDS Section 200 deposit by the 7th of following monthBooks closed once a quarter; works for very small turnover but raises Section 145(3) Income-tax Act rejection-of-accounts risk where transactions are dense and unrecorded gaps appear
Statutory frameworkICAI Accounting Standards notified under Section 133 of the Companies Act 2013 read with Companies (Accounting Standards) Rules 2021 binding on every accounting entityTrade-customary recordkeeping without standards reference; AO may invoke Section 145(3) of the Income-tax Act 1961 to reject books for non-conformity with notified accounting standards
Evidentiary valueSection 34 of the Indian Evidence Act 1872 admits entries in books of account regularly kept as relevant; corroboration required for the truth of entriesBankers' Books Evidence Act 1891 makes certified bank-statement copies admissible as prima facie proof, frequently relied on where party-maintained books are rejected by AO
Retention period72 months from due date of annual return under Section 35(1) of the CGST Act 2017 read with Rule 56 of CGST Rules; longer if appeal pending6 financial years from end of relevant assessment year under Rule 6F and Section 44AA read with Section 149 reassessment window of 10 years for high-value escapements
Audit supportSection 143 Companies Act 2013 audit by an FCA on full books with SA 200-series testing; mandatory for every company regardless of turnoverSection 142(2A) of the Income-tax Act 1961 special audit ordered by AO where books are complex or correctness doubted; cost borne by the Central Government post-2007 amendment
Books-rejection exposureICAI-compliant books supported by vouchers and bank reconciliation resist Section 145(3) rejection — CIT v Rai Bahadur Hardutroy Motilal Chamaria SC permits revised accounts in genuine errorBooks exposing CIT v Vegetable Products SC Section 145(3) rejection followed by best-judgment assessment under Section 144 with adverse inference on undisclosed turnover
Tax planning vs avoidanceAccurate books supporting bona-fide deductions within statutory framework — Brij Mohan v CIT SC accepts quality-of-books as evidence of bona-fide conduct in assessmentFabricated entries to suppress income trigger McDowell v CTO SC anti-avoidance doctrine and Satyam Computer Services case-style securities fraud plus Section 277 prosecution
Monthly fee₹5,000 per month all-inclusive — software-agnostic, monthly TB plus GST and TDS reconciliation, quarterly review with designated partner, no hidden audit-support charges₹25,000 to ₹35,000 monthly salary plus EPF, ESI, gratuity accrual, leave, and supervision cost — total cost-to-company typically ₹4 lakh to ₹6 lakh per annum
Books at registered officeSection 128 of the Companies Act 2013 mandates books at registered office; Board may resolve to keep at any other place in India with 7-day intimation to Registrar in AOC-5Section 34(1) of the LLP Act 2008 requires books kept at registered office on cash or accrual basis; non-compliance attracts ₹25,000 to ₹5 lakh penalty on the LLP and partners
Audit trail featureRule 3(1) proviso of the Companies (Accounts) Rules 2014 requires accounting software with edit-log audit trail effective 1 April 2023 — non-compliance reportable in CARO 2020 Clause (xi)(b)Manual ledgers permitted under Section 128 only where supported by mechanical or other devices; lack of audit trail invites scrutiny under Section 143(3)(j) auditor reporting requirements
Accounting softwareDesktop-installed double-entry package widely accepted in scrutiny proceedings; preferred for inventory-heavy businesses and statutory audit re-performance under SA 230 documentation standardsCloud-hosted GST-ready ledger with API integrations and audit trail per Rule 3(1) of the Companies (Accounts) Rules 2014 read with the proviso effective 1 April 2023
Engagement modelExternal professional retainer with peer-review oversight, ICAI Code of Ethics compliance, and SA 230 working-paper retention for 7 financial years per audit standardsEmployed bookkeeper responsible to designated partner; HR cost, EPF and ESI exposure, plus Section 8 LLP Act 2008 joint-and-several compliance liability on partners
Documents Required

Documents for Accounting & Bookkeeping

Share documents via WhatsApp to 9566-068-468. No office visit required for Ramapuram clients.

Sales invoices (tax invoices for B2B and bills of supply for exempt supplies / composition) with HSN/SAC and GST split
Purchase invoices including RCM-attracting bills (GTA
Bank statements (current account, cash credit / OD, term loan) for the full month for BRS preparation and direct debit/credit identification
Expense bills — rent, utilities, telephone, internet, travel, conveyance, professional fees, repairs and capex with vendor invoices for Section 43B and TDS applicability
Payroll register with employee CTC structure, attendance, leave, PF / ESI / PT deductions and TDS Section 192 working
Prior-year audited / signed financial statements, trial balance and tax computation for opening balance migration and AS-22 deferred tax continuity
Ready to Get Started?
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Statutory Deadlines

Compliance deadlines that matter

Miss any of these and the next consequence kicks in automatically.

Deadlines in this neighbourhood — Across Ramapuram, the business activity radiating outward from SRM Easwari Engineering College and nearby commercial pockets.

Trigger eventDaysFormConsequence
Month-end book closing and ledger scrutiny7 daysInternal MIS close pack (TB, P&L, B/S)Delayed close cascades into late GST filings, missed TDS deadlines, and unreconciled bank balances; MIS to management loses decision-utility
Bank reconciliation statement preparation for previous month10 daysBRS (cash book vs bank statement)Unreconciled credits and debits accumulate into suspense; audit qualification risk; fraud-detection delayed
Payroll cycle salary disbursement and payslip generation7 daysPayroll register, payslips, salary bank fileSection 192 TDS deposit date misalignment; PF and ESI challan deadlines breached; employee disputes on payslip timing
GSTR-1 filing of outward supplies11 daysGSTR-1Section 47 late fee of Rs 50 per day (Rs 20 for nil); recipient ITC blocked under Section 16(2)(aa) read with Rule 36(4); compliance rating drop
GSTR-3B filing and net GST payment20 daysGSTR-3BSection 50 interest at 18% on tax payable; Section 47 late fee; Rule 21A suspension on consecutive defaults
TDS deposit for previous month deductions7 daysChallan ITNS 281Section 201(1A) interest at 1.5% per month; Section 40(a)(ia) 30% expense disallowance; prosecution risk under Section 276B
Tax audit completion and report filing under Section 44AB30 September (audited entities)Form 3CA-3CD or 3CB-3CDSection 271B penalty 0.5% of turnover capped at Rs 1,50,000; ITR filing extended date of 31 October becomes inapplicable
ROC Annual Filing Form MGT-7 (Annual Return)Within 60 days of AGM (typically by 28 November)Form MGT-7 / MGT-7A (small co)Section 92(5) penalty Rs 10,000 plus Rs 100 per day capped at Rs 2 lakh for company and Rs 50,000 for each officer in default

Deadline pressure points we see in Ramapuram: Where Ramapuram differs: for the professional and salaried population of Ramapuram navigating personal-tax and home-office GST.

Forms Library

Forms used in this engagement

Tally BooksForm Tally Books

Statutory form prescribed for Accounting & Bookkeeping engagements; carries the information set required for filing or submission to the prescribed authority.

As prescribed under the relevant section / rule Prescribed authority
Bank StatementForm Bank Statement

Statutory form prescribed for Accounting & Bookkeeping engagements; carries the information set required for filing or submission to the prescribed authority.

As prescribed under the relevant section / rule Prescribed authority
Trial BalanceForm Trial Balance

Statutory form prescribed for Accounting & Bookkeeping engagements; carries the information set required for filing or submission to the prescribed authority.

As prescribed under the relevant section / rule Prescribed authority

Accounting & Bookkeeping in Ramapuram, Chennai 600089

Approvals, acknowledgements and queries for Ramapuram businesses tie back to the Saidapet Division, so our Bookkeeping cadence accounts for how that office works. Records we prepare for Ramapuram carry the geo-zone 600xx tag and coordinates 13.0317, 80.1761, which map each submission back to this locality. For Accounting & Bookkeeping at PIN 600089, understanding the Saidapet Division's documentation norms removes most of the friction from the process. The 600xx geo-zone covering Ramapuram groups several locality clusters under common administration, keeping documentation expectations predictable.

Vendors and customers tied to the Ramapuram Bus Stop network show up across the invoice trail we reconcile for Ramapuram Accounting & Bookkeeping clients. Document pickup near Ramapuram Bus Stop is a same-hour errand for our Ramapuram engagements rather than the half-day a typical Chennai client expects. Ramapuram sustains a high flow of commerce for a residential education pocket locality, and that flow is the raw material for the Bookkeeping files we close here. Working in Ramapuram brings a logistical edge: proximity to Ramapuram Bus Stop and the Ramapuram Bus Stop corridor keeps physical document handling fast.

Sector concentration matters: when Ramapuram leans toward residential, the Bookkeeping risks cluster around the same few line items each cycle. The business mix in Ramapuram centres on residential, and that sector carries its own Accounting & Bookkeeping quirks we plan for in advance. residential units around Ramapuram share recurring Bookkeeping patterns — input-credit timing, vendor reconciliation, and sector-specific documentation. We have closed enough Accounting & Bookkeeping files for residential firms near Ramapuram to know where the department usually probes.

We keep a repeatable Bookkeeping checklist for Ramapuram so nothing in the cycle is improvised or missed. Document intake for Ramapuram clients runs over WhatsApp, so there is no office visit and no paper shuffle for a Accounting & Bookkeeping engagement. Every Bookkeeping file we open for Ramapuram is reconciled, reviewed by a qualified practitioner, and archived for seven years. Our Ramapuram Bookkeeping process is built to be predictable, documented, and on time, cycle after cycle.

Businesses straddling Ramapuram and Nandambakkam get a single Bookkeeping point of contact rather than two. From the same Ramapuram team we also serve Nandambakkam and other nearby localities without re-onboarding clients. Accounting & Bookkeeping clients in Nandambakkam are handled by the same practitioners who run our Ramapuram desk. A client relocating between Ramapuram and Nandambakkam keeps the same Bookkeeping file and the same team.

Sector signals in Ramapuram — seasonal retail swings and peak-period volumes — shape how we schedule Bookkeeping work. Because we work repeatedly across Ramapuram, we can benchmark a new client's Accounting & Bookkeeping position against the locality norm. Over several cycles in Ramapuram, the recurring Accounting & Bookkeeping issues cluster around a predictable short list we screen for early. The Accounting & Bookkeeping mistakes we see most in Ramapuram are avoidable with disciplined intake, which our checklist enforces.

First-time Accounting & Bookkeeping for a Ramapuram business is where getting the basics right saves years of cleanup later. New retail ventures in Ramapuram lean on us to stand up Accounting & Bookkeeping correctly before the first deadline rather than after a notice. Relocating a registered office into Ramapuram (PIN 600089) changes the assessing division, and we handle that Accounting & Bookkeeping transition cleanly. When a Porur business expands into Ramapuram, we extend its Bookkeeping setup to PIN 600089 without disruption.

4.9★
Average Rating
15+
Years Experience
500+
Active Clients
Zero
Penalty Instances
Expert Guide

Accounting & Bookkeeping in Ramapuram — Complete Guide

Bookkeeping for Ramapuram (600089) at FilingPro means a monthly close every single month. Bank Reconciliation Statement for every account, GSTR-2A and GSTR-2B reconciled against the purchase register before GSTR-3B is filed, output GST liability tied to sales register, TDS Section 192/194 working ready for the quarterly return — all before the 7th of the following month.

Accounting & Bookkeeping in Ramapuram, Chennai

Daily and monthly bookkeeping for Ramapuram businesses under Section 128 of the Companies Act 2013 — Tally Prime, Zoho Books or QuickBooks data entry, bank reconciliation, GSTR-2B reconciliation and Schedule III Division I/II financial statements all delivered audit-ready.

Tally Prime Accountant in Ramapuram — Schedule III Specialist

A dedicated Tally Prime accountant in Ramapuram maintains your books in compliance with ICAI accounting standards AS-1 to AS-29 (or Ind AS 1 to 116), produces a Schedule III Division I (or II) Balance Sheet and Statement of Profit & Loss every month, and ties output to GSTR-3B and TDS quarterly returns.

Year-End Closure & Tax Audit Bookkeeping in Ramapuram

Year-end closure for Ramapuram clients includes AS-22 / Ind AS 12 deferred tax computation, AS-15 / Ind AS 19 gratuity actuarial coordination, AS-29 / Ind AS 37 contingent liability disclosure, Section 43B / 43B(h) MSME aging, Form 3CD clause-wise schedules and CARO 2020 reporting support.

Ind AS Migration & Multi-Entity Bookkeeping in Ramapuram

For Ramapuram companies crossing the ₹250 crore net worth threshold or NBFCs above ₹500 crore, Ind AS migration is handled with Schedule III Division II reporting, Ind AS 116 Right-of-Use lease accounting, Ind AS 109 ECL provisioning and multi-entity consolidation under Ind AS 110.

Get Expert Help Today
Qualified professionals handle your Bookkeeping in Ramapuram. WhatsApp documents — we begin within 24 hours. From ₹5,000/monthly. Free consultation.
WhatsApp for Free Consultation Call @ 9566-068-468
From ₹5,000/monthly
15+ years experience
Zero penalties guaranteed
Offices at Maduravoyal, Nerkundram & Nolambur (upcoming)
Key Facts — Accounting & Bookkeeping in Ramapuram
Tally Prime and Zoho Books bookkeeping for Ramapuram businesses with audit trail edit-log enabled (mandatory under Rule 3(1) Companies (Accounts) Rules 2014 from 1 April 2023).
Section 128 books of account compliance — registered office or AOC-5 alternate location, electronic mode permissions and 8-year preservation under Section 128(5).
Schedule III Division I (Indian GAAP) and Division II (Ind AS) financial statements with current/non-current classification and mandatory ageing schedules for Ramapuram clients.
Monthly Bank Reconciliation Statement (BRS) for every bank, OD/CC and term loan account — unreconciled items > 60 days flagged and escalated.
GSTR-2A and GSTR-2B reconciliation against purchase register before every GSTR-3B — supplier-not-filed, value mismatch and rate mismatch triaged under Rule 36(4).
Schedule II (Companies Act) and Section 32 (IT Act block-of-asset) depreciation reconciled — book vs tax timing differences booked as AS-22 / Ind AS 12 deferred tax.
Section 43B(h) MSME aging for FY 2024-25 — Udyam-classified vendors flagged at day 30, year-end unpaid balances added back in tax computation.
Payroll register with PF, ESI, Professional Tax and TDS Section 192 working — statutory dues aged daily; Checkmate Services SC compliance ensured for Ramapuram employers.
Year-end provisions — audit fee, leave encashment, gratuity actuarial AS-15 / Ind AS 19, ECL Ind AS 109, AS-29 / Ind AS 37 contingent liability disclosure.
Audit-ready files prepared for statutory audit (CARO 2020 21 clauses), tax audit (Form 3CD 44 clauses) and GST audit (GSTR-9 / 9C reconciliation) for Ramapuram clients.
People Also Ask — Bookkeeping in Ramapuram
Are bookkeeping records mandatory under Indian law?
Yes. Section 128 of the Companies Act 2013 makes books of account mandatory for every company, on accrual basis and double-entry system, preserved for 8 years. Section 44AA of the Income Tax Act mandates books for professionals (with gross receipts > ₹1.5 lakh in 3 years) and for businesses (turnover > ₹10 lakh in 3 years). Section 35 of the CGST Act 2017 requires every registered person to maintain inward and outward supply records, stock registers, ITC registers and tax payable/paid registers.
What is the difference between Tally Prime and Zoho Books?
Tally Prime is the dominant on-premise accounting software for Indian SMEs — strong on Schedule III/VI reporting, multi-godown inventory, statutory GST/TDS compliance, e-invoicing and payroll. Zoho Books is cloud-first SaaS with multi-user collaboration, integrated CRM, automated bank feeds, project billing and Indian-localised GST modules. Tally Prime suits manufacturing, trading and Schedule III companies; Zoho Books suits service businesses, freelancers and proprietorships preferring cloud access. We standardise based on transaction volume, multi-user need and audit requirements.
How frequently should bank reconciliation be done for Ramapuram businesses?
Best practice is monthly Bank Reconciliation Statement (BRS) before closing the trial balance and computing GST output liability for the period. For Ramapuram businesses with > 100 daily bank transactions or with multiple OD / CC / term loan accounts, weekly or daily BRS is recommended. Material unreconciled differences > 60 days are written back to suspense and reported as risk of material misstatement under SA 315. The auditor obtains a direct bank confirmation under SA 505 at year-end to validate the closing reconciliation.
What is the difference between depreciation under Schedule II Companies Act and Section 32 IT Act?
Schedule II of the Companies Act 2013 prescribes useful life — buildings 60 years, factory buildings 30 years, plant & machinery 8 years (continuous process plant 25 years), furniture 10 years, computers 3 years (servers 6 years) — with rate derived as 1/useful life on SLM or WDV basis. Section 32 of the Income Tax Act applies block-of-asset method on WDV basis with notified rates — buildings 10%, plant 15%, computers 40%, intangibles 30%, motor vehicles 15%. The book vs tax depreciation difference is a timing difference booked as AS-22 / Ind AS 12 deferred tax.
What is Section 43B(h) MSME and how does it impact my year-end bookkeeping?
Section 43B(h) of the Income Tax Act, inserted by Finance Act 2023 from AY 2024-25, disallows deduction for any sum payable to a micro or small enterprise (registered under Udyam) beyond the time limit in Section 15 of the MSMED Act 2006 — 45 days where written agreement exists, else 15 days. Such sums are allowable only in the year of actual payment. Year-end aging of Udyam-classified vendors is extracted, unpaid balances are added back in the tax computation (Form 3CD clause 22) and a payment plan for early-clearance is recommended.
What is the difference between AS framework and Ind AS framework?
AS framework refers to Accounting Standards AS-1 to AS-29 notified under Companies (Accounting Standards) Rules 2021 — applied by non-Ind AS companies. Ind AS framework refers to Indian Accounting Standards Ind AS 1 to 116 notified under Companies (Indian Accounting Standards) Rules 2015 — converged with IFRS and applicable to listed companies, companies with net worth ≥ ₹250 crore, holding/subsidiary/associate/JV of such, and NBFCs above ₹500 crore. Ind AS introduces fair-value measurement, ECL on financial assets (Ind AS 109), Right-of-Use lease accounting (Ind AS 116) and the 5-step revenue model (Ind AS 115).
Is bookkeeping mandatory in India?

Yes for most assessees. Section 44AA of the Income-tax Act 1961 mandates specified books beyond gross-receipts or turnover thresholds. Section 128 Companies Act and Section 34 LLP Act 2008 separately require books for companies and LLPs respectively.

How much does monthly bookkeeping cost?

FilingProChennai's monthly accounting and bookkeeping retainer is ₹5,000 all-inclusive — software-agnostic, monthly trial balance, GSTR-3B reconciliation, TDS Section 200 computation, and quarterly review with a designated partner with no hidden audit-support charges.

Should I use Tally or Zoho Books?

Tally suits inventory-heavy businesses and traditional statutory-audit re-performance under SA 230. Zoho Books suits service businesses with cloud collaboration needs and built-in audit-trail per Rule 3(1) of the Companies (Accounts) Rules 2014 effective 1 April 2023.

What is the audit-trail requirement effective 1 April 2023?

Rule 3(1) proviso of the Companies (Accounts) Rules 2014 requires every company to use accounting software with an edit-log audit trail showing every transaction change with date and user identity, retained for the full retention period of accounting records.

Outsourced or in-house bookkeeping — which is better?

Outsourced bookkeeping reduces fraud exposure, embeds professional standards, and costs about ₹60,000 per annum. In-house clerk typically costs ₹4 to 6 lakh per annum cost-to-company plus supervision and Section 8 LLP-Act joint-and-several partner liability.

What books must be maintained under Section 44AA?

Rule 6F of the Income-tax Rules specifies cash book, journal, ledger, copies of bills above ₹25 and originals of bills above ₹50, with daily case-register for specified professions. Other businesses must maintain books enabling computation of total income.

What Ramapuram clients want to know before signing: Where Ramapuram differs: on the Manapakkam-Porur corridor that passes through Ramapuram.

Expert Guide

A complete walkthrough — Accounting Bookkeeping

Reading this guide locally — Across Ramapuram, around the SRM Easwari Engineering College catchment of Ramapuram.

What is Accounting & Bookkeeping and when is it required

Service overview

Accounting & Bookkeeping in Chennai () is delivered at FilingPro under Section 128 of the Companies Act 2013 — books on accrual basis, double-entry, audit-trail edit-log enabled (mandatory under Rule 3(1) Companies (Accounts) Rules 2014 from 1 April 2023), preserved for 8 years and produced in Schedule III Division I (or Division II for Ind AS) format every month. Tally Prime, Zoho Books or QuickBooks — your software, our discipline.

Why accounting & bookkeeping matters for your business

GSTR-3B vs GSTR-2B Match Improved

Monthly purchase register reconciliation against GSTR-2B for Chennai clients moves the GSTR-3B vs GSTR-2B match ratio above 98% — ITC reversal with 24% interest under Rule 36(4)(b) eliminated.

Section 129 True-and-Fair View Defended

Books for Chennai clients are produced to give a true and fair view under Section 129(1) read with Schedule III. Statutory auditor under Section 143 receives clean files — no qualification, no adverse opinion, no disclaimer.

Form 3CD 44 Clauses Schedule-Ready

Form 3CD clause-wise schedules — clause 13 method, 14 inventory, 17 land/building 50C, 18 depreciation, 21 disallowance, 22 MSME 43B(h), 26 Section 43B, 31 269SS/T, 34 TDS, 44 GST expenditure — all extracted directly from the Tally trial balance with no last-minute scramble.

How the engagement runs end to end

Monthly BRS + GSTR-2B Reconciliation

Bank statements imported and BRS finalised for every account. Purchase register reconciled against GSTR-2B — supplier-not-filed, value mismatch, rate mismatch and 17(5)-blocked items flagged. Output GST liability reconciled with sales register; reverse charge under Section 9(3) brought to account.

Payroll + Statutory Dues + TDS Working

Payroll register processed, PF / ESI / PT / TDS Section 192 deductions computed, statutory challans paid by 7th (TDS) and 15th (PF / ESI). Vendor TDS under Section 194C/J/H/I computed; quarterly Form 24Q / 26Q / 27Q ready data extracted in time for the 31 July / 31 October / 31 January / 31 May filings.

Onboarding & Opening Balance Migration

For Chennai clients FilingPro collects prior audited financials, last trial balance and tax computation; verifies opening balances of fixed assets, debtors, creditors, statutory dues, deferred tax, advance tax / TDS receivable; and migrates to Tally Prime / Zoho Books with Schedule III re-grouping. Vendor master is built with Udyam classification.

What FilingPro brings to the engagement

Tally Prime Senior Hands

FilingPro accountants have built and re-grouped Tally Prime ledgers continuously since the Tally 9 era. Schedule III Division I/II re-classification, multi-godown inventory and statutory GST/TDS templates pre-wired for Chennai clients.

ICAI Accounting Standards Compliance

Every transaction is recognised, measured and disclosed under the applicable AS or Ind AS. Going concern (AS-1 / Ind AS 1), revenue (AS-9 / Ind AS 115), inventory (AS-2 / Ind AS 2), employee benefits (AS-15 / Ind AS 19) — all enforced at the entry level.

Schedule III Format from Day 1

For Chennai companies the trial balance is mapped to Schedule III current/non-current classification and ageing schedules from day 1 — no year-end re-grouping cycle, no auditor re-opening of vouchers.

What Ramapuram clients usually ask next: Where Ramapuram differs: for the professional and salaried population of Ramapuram navigating personal-tax and home-office GST.

Glossary

Plain-English glossary for this service

Direct Expenses vs Indirect Expenses

Direct expenses are those attributable directly to the cost of goods or services produced (raw material, direct labour, manufacturing overheads) and appear above the gross-profit line. Indirect expenses are administrative, selling and distribution overheads appearing below gross profit.

Capital vs Revenue Expenditure

Capital expenditure creates an enduring benefit or asset and is capitalised on the balance sheet, depreciated over useful life. Revenue expenditure is consumed within the year and charged to the profit and loss account. Misclassification triggers Section 37 or Section 32 challenges.

Personal vs Real vs Nominal accounts

Traditional account classification: Personal accounts relate to persons (debtors, creditors, capital); Real accounts relate to assets (cash, building, stock); Nominal accounts relate to expenses, incomes, gains and losses. Each class follows specific debit and credit rules under the golden rules of accounting.

Cash book

Subsidiary book that records all cash and bank receipts and payments in chronological order. Acts as both a journal and a ledger for cash and bank columns. Reconciled monthly to bank statements via the BRS.

Day book

Book of original entry where each transaction is recorded as it occurs, before being posted to the ledger. In modern accounting software the day book is the journal voucher listing in chronological order.

Journal

Primary book of entry where transactions are first recorded in double-entry form showing debit and credit aspects with narration. All ledger postings flow from journal entries.

Ledger

Principal book of accounts containing individual account-wise summary of all transactions affecting that account during the period. Forms the basis for trial balance preparation.

Trial Balance

Statement listing all ledger balances classified as debit or credit as on a particular date, used to verify the arithmetical accuracy of postings and as the starting point for preparing final accounts.

Sundry Debtors

Aggregate of customers and parties from whom amounts are receivable on account of sales of goods or services on credit. Disclosed under Trade Receivables in Schedule III Division I current-assets group.

Sundry Creditors

Aggregate of vendors and parties to whom amounts are payable on account of purchases of goods or services on credit. Disclosed under Trade Payables in Schedule III with separate MSME and non-MSME sub-classification per Section 22 of MSMED Act.

Suspense Account

Temporary holding account used to record entries that cannot immediately be classified to a specific ledger pending investigation. Must be cleared by year-end; carrying balances invite audit qualification.

Bank Reconciliation

Statement reconciling the bank balance per cash book with the bank balance per bank statement as on a given date, explaining variances arising from outstanding cheques, uncleared deposits, bank charges, and direct credits.

By Industry

Industry-specific patterns in Ramapuram

How the local trade mix shapes this — Across Ramapuram, the cluster of education, residential, retail businesses that defines Ramapuram's commercial fabric.

Manufacturing & Engineering
Common issue: Small manufacturers in and around Ambattur treat raw material, WIP and finished goods as one lump and value closing stock by guesswork, so cost of goods sold and gross margin swing wildly and the ITC on inputs is not matched to consumption.
How we handle it: Maintain a three-tier inventory ledger with a consistent valuation method, reconcile input ITC to a bill-of-materials consumption, and take a documented physical stock count at each quarter-end for audit-ready closing stock.
Restaurants & Food Service
Common issue: Restaurants mix owner drawings, staff advances and cash purchases through the till, leaving unexplained cash and a suppressed purchase record that fails both GST margin checks and any bank loan appraisal.
How we handle it: Route all purchases through the firm's bank or a petty-cash imprest with vouchers, record aggregator (Swiggy/Zomato) settlements gross with their TCS and commission split out, and keep owner drawings in a separate capital account.
Professionals & Consultants
Common issue: Doctors, architects and consultants record only banked fees and miss cash receipts and TDS-deducted receipts, so Form 26AS shows more income than the books, triggering a Section 143(1) mismatch notice.
How we handle it: Reconcile fee income to Form 26AS/AIS every quarter, book gross receipts before TDS with the TDS credit posted separately, and maintain a simple receipts-and-payments plus expense ledger for the presumptive or regular return.
Construction & Contractors
Common issue: Contractors receive running-account bills with retention money and mobilisation advances that are booked as plain income or expense, distorting turnover and hiding the retention receivable that matters for both tax and working-capital finance.
How we handle it: Account for each contract with separate ledgers for gross bills, retention receivable, mobilisation advance and TDS under Section 194C, and recognise revenue on certified work done so turnover and margin are stated correctly.
Retail & Trading
Common issue: Retail and FMCG traders run large volumes of small cash and UPI sales that are recorded late or in a spreadsheet, so the books never reconcile with the bank statement and GST output in GSTR-1 drifts away from the sales ledger, inviting Section 61 GST scrutiny of turnover.
How we handle it: Move to daily POS-to-ledger posting with weekly bank reconciliation, tag every sale with its GST rate at entry, and reconcile the sales register to GSTR-1 and the e-way-bill data each month before filing.
Case Studies

Anonymised engagements we have handled

Real client situations (names changed); illustrative of the kind of work we do.

Revised booksHealthcare

Books rejected then accepted on revision per CIT v Rai Bahadur Hardutroy

Issue: A healthcare client's original books were rejected by the AO under Section 145(3) citing multiple voucher inconsistencies and missing daily collection registers. Best-judgment assessment under Section 144 proposed addition of ₹38 lakh. The client sought to file revised books rectifying the documented deficiencies and demonstrate that the original errors were inadvertent rather than concealment.
Approach: We invoked CIT v Rai Bahadur Hardutroy Motilal Chamaria SC permitting revised accounts where original was vitiated by bona-fide errors, prepared comprehensive replacement books from primary source documents — patient bills, lab-test registers, pharmacy stock movements, and bank deposit slips — supported by Section 34 Indian Evidence Act statement of regular maintenance going forward, and obtained the statutory auditor's certification of the rebuild on SA 230 audit-documentation standards.
Outcome: AO accepted revised books; addition restricted to ₹6 lakh on items the rebuild could not adequately address; Section 144 best-judgment vacated; Section 271(1)(c) penalty proceedings dropped on bona-fide explanation; books-revision protocol adopted as escalation deliverable in monthly retainer.
Closing stock AS-2Retail

Closing stock at NRV avoided AS-2 audit qualification

Issue: A garments retailer with closing stock of Rs 68 lakh was valuing inventory at cost on FIFO basis. End-of-season unsold stock of approx Rs 14 lakh had been marked down 50% in store but was still being carried at cost in the books, breaching AS-2 paragraph 24 which requires lower of cost or net realisable value.
Approach: Conducted item-wise NRV assessment for end-of-season SKUs; wrote down Rs 7 lakh to align book value with NRV; introduced quarterly stock-valuation review with category-wise NRV testing; separated current-season and prior-season inventory in stock ledger.
Outcome: Audit qualification on AS-2 avoided; income-tax-deductible write-down of Rs 7 lakh claimed under Section 145A read with valuation method; clean inventory ageing for next FY.
Suspense accountHealthcare

Suspense account of Rs 1.4 lakh cleared after 14 months

Issue: A specialty clinic with annual revenue of Rs 2.8 crore had a suspense account balance of Rs 1.4 lakh carried for 14 months. Routine bank credits without remittance details, OPD-cash variances, and unidentified TDS deductions had been parked there. Auditor flagged it as a material unreconciled item.
Approach: Traced each entry to source: matched Rs 78,000 against 26AS TDS credits with hospital empanelment receipts, identified Rs 42,000 of OPD-cash short-banking variance and recovered from cashier, attributed Rs 20,000 to insurance-cashless settlement timing; cleared the balance fully; introduced 30-day suspense ageing rule.
Outcome: Suspense account zeroed; OPD cash-control SOP implemented; 26AS reconciliation now monthly; audit qualification withdrawn; cleaner cash flow visibility.
Software migrationRetail

Tally migration to Zoho Books completed without audit-trail break

Issue: A retail chain migrated from Tally to Zoho Books mid-year. The audit-trail requirement under Rule 3(1) proviso of the Companies (Accounts) Rules 2014 effective 1 April 2023 mandated continuous edit-log preservation. A naive migration risked breaking the chain — Tally edit logs ending at one date and Zoho logs starting later — exposing the company to CARO 2020 Clause (xi)(b) qualified reporting and Section 128(6) penalty.
Approach: We froze the Tally environment with full data export and an independent CA's certification of closing balances, ran Zoho Books with opening balances as on migration date supported by a reconciliation statement, retained the Tally data file in read-only mode for 8 years per Section 128(5), ensured Zoho audit-trail was enabled from day one with admin override disabled, and obtained an SOC-2 report from Zoho establishing platform-level controls.
Outcome: Auditor issued unqualified CARO Clause (xi)(b) reporting; migration completed in 14 days without operational disruption; ₹8 lakh first-year saving on Tally enterprise renewal; engagement SOP updated for software-migration projects.

Why these Ramapuram engagements look the way they do: Where Ramapuram differs: the cluster of education, residential, retail businesses that defines Ramapuram's commercial fabric. We see for the professional and salaried population of Ramapuram navigating personal-tax and home-office GST.

Client Reviews

What Ramapuram Clients Say

Ramesh A
Accounting & Bookkeeping
“FilingPro took over our Tally Prime books from a mid-sized previous accountant. Within the first month they re-grouped the trial balance to Schedule III Division I, fixed three years of mis-classified leasehold improvements and reconciled GSTR-2B against our purchase register flagging ₹3.4 lakh of unmatched ITC. Audit closed without any qualification.”
3 weeks agoVerified Client
Saravanan R
Accounting & Bookkeeping
“We were running QuickBooks Online till the India sunset. FilingPro migrated 4 years of transactions to Zoho Books with full audit-trail preservation, mapped vendors with Udyam status for Section 43B(h) compliance and built a monthly MIS dashboard. Their attention to ICAI standards is genuinely senior-level work.”
2 months agoVerified Client
Janani K
Accounting & Bookkeeping
“Ind AS migration of our trading company crossing the ₹250 crore net worth threshold. FilingPro handled Schedule III Division II re-presentation, Ind AS 116 Right-of-Use lease asset accounting for our 6 godowns and Ind AS 109 ECL on trade receivables. The first audited Ind AS financials went through cleanly with no auditor adjustment.”
4 months agoVerified Client
Venkatesh M
Accounting & Bookkeeping
“Our payroll for 38 employees was a mess — PF and ESI dues aging beyond Checkmate Services threshold. FilingPro re-architected the payroll register, set up daily statutory aging in Tally and ensured Section 36(1)(va) compliance. Tax audit Form 3CD clause 20 came through clean — no disallowance for the year.”
6 weeks agoVerified Client
Lakshmanan P
Accounting & Bookkeeping
“Year-end closure for FY 2024-25 was complex with the new Section 43B(h) MSME provision. FilingPro extracted Udyam-classified vendor aging from Tally, computed the 45-day cut-off and added back ₹17 lakh of unpaid balances in our tax computation. Form 3CD clause 22 was watertight.”
2 months agoVerified Client
Divya N
Accounting & Bookkeeping
“Multi-entity consolidation for a holding company plus 3 subsidiaries — FilingPro took on Tally postings for all 4 entities, prepared elimination entries for inter-company sales and loans, and produced a consolidated Schedule III Division II Balance Sheet. The CARO 2020 21-clause reporting was audit-ready on day 1 of the engagement.”
1 month agoVerified Client
4.9
312+ reviews
500+
Active Clients
15+
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Common Questions

Bookkeeping FAQ — Ramapuram

Common questions from Ramapuram clients. Call 9566-068-468 for specific queries.

Yes. Section 128(1) of the Companies Act 2013 requires every company to prepare and keep at its registered office books of account and other relevant books and papers and financial statements for every financial year giving a true and fair view of the state of affairs of the company on accrual basis and double entry system. Section 128(2) read with Rule 3 of the Companies (Accounts) Rules 2014 permits books of account to be maintained in electronic mode provided they remain accessible in India at all times, are retained completely in their original format and a back-up server is located in India.
AS-17 'Segment Reporting' applies to enterprises whose securities are listed or are in process of listing, and to all enterprises with turnover > ₹50 crore. Segments are identified by business and geographical lines based on risks and returns. Ind AS 108 'Operating Segments' applies the management approach — segments are reported as they are reported internally to the Chief Operating Decision Maker (CODM). A reportable segment crosses the 10% quantitative threshold of revenue, result or assets. Disclosure includes segment revenue (external + inter-segment), segment result, segment assets, segment liabilities, depreciation and impairment.
Turnaround depends on the service and how quickly you share documents. Once we have a complete set, Bookkeeping for Ramapuram clients moves without avoidable delay, and we keep you posted at each stage. We give a realistic timeline upfront rather than an optimistic one.
Zoho Books or QuickBooks?
AS-22 (Indian GAAP) and Ind AS 12 (Ind AS framework) require recognition of deferred tax on timing differences between book profit and taxable profit. Deferred Tax Liability (DTL) arises when book depreciation < tax depreciation (asset block in early years). Deferred Tax Asset (DTA) arises on items like provision for gratuity, leave encashment, brought-forward business loss / unabsorbed depreciation — recognised only to the extent of reasonable certainty of future taxable profits (AS-22) or probable future taxable profits (Ind AS 12). DTA on carried-forward losses requires virtual certainty supported by convincing evidence under AS-22.
The exact list depends on your case, but we send a short, plain-English checklist the moment you engage us — no jargon. Ramapuram clients can share documents as phone photos or scans over WhatsApp on 9566-068-468, and we flag immediately if anything is missing.
Section 129(1) of the Companies Act 2013 mandates that financial statements give a true and fair view of the state of affairs of the company, comply with the accounting standards notified under Section 133, be in the form provided in Schedule III and contain disclosures specified by SEBI for listed companies. 'True and fair' is the cornerstone — financial statements must reflect economic substance, follow consistent accounting policies disclosed under AS-1 / Ind AS 1, recognise all known liabilities including contingent liabilities under AS-29 / Ind AS 37 and apply the matching and prudence principles.
Indian GAAP refers to Accounting Standards AS-1 to AS-29 notified under Companies (Accounting Standards) Rules 2021 — applicable to non-Ind AS companies. Ind AS refers to Indian Accounting Standards Ind AS 1 to 116 notified under Companies (Indian Accounting Standards) Rules 2015 — converged with IFRS and applicable to listed companies, companies with net worth ≥ ₹250 crore, holding/subsidiary/associate/JV of such companies and NBFCs above ₹500 crore net worth. Key differences: fair value measurement, expected credit loss model under Ind AS 109, lease right-of-use under Ind AS 116, revenue 5-step model under Ind AS 115 and OCI presentation in Statement of Profit & Loss.
Yes. We do not disappear after filing — Ramapuram clients can come back to us for follow-up questions, notices or renewals tied to their Accounting & Bookkeeping. Ongoing support is part of how we work, not a paid extra for routine queries.
GSTR-2A is a dynamic, real-time auto-populated statement of inward supplies updated as suppliers file GSTR-1, GSTR-5, GSTR-6 and GSTR-7. GSTR-2B is a static monthly statement generated on the 14th — the basis for ITC eligibility under Section 16 of the CGST Act and Rule 36(4). Bookkeeping practice: every purchase ledger entry is reconciled monthly against GSTR-2B before filing GSTR-3B. Mismatches are categorised as supplier not filed, missing in books, value mismatch and rate mismatch. ITC claimed in GSTR-3B without GSTR-2B match is reversed under Section 50 with 24% interest under Rule 36(4)(b).
Two parallel computations are mandatory. Schedule II Companies Act 2013 Part C prescribes useful life — 60 years for buildings (factory 30), 10 years for furniture, 3-6 years for computers, 8 years for plant — with the rate derived as 1/useful life. Section 32 of the Income Tax Act applies block-of-asset method with WDV rates — 10% buildings, 15% plant & machinery, 40% computers, 30% intangibles. The book depreciation goes into the Statement of Profit & Loss while tax depreciation is claimed in the income tax computation. The difference creates timing differences accounted for as deferred tax under AS-22 / Ind AS 12.
Yes. Beyond Accounting & Bookkeeping, we cover GST, income tax, TDS, company and LLP registrations, digital signatures, audits and finance documentation — so Ramapuram clients keep all their compliance under one roof. Ask us about anything on 9566-068-468.
Section 128(5) of the Companies Act 2013 requires books of account, vouchers and financial statements to be preserved for not less than 8 financial years immediately preceding a financial year. Where an investigation has been ordered under Chapter XIV, the Central Government may direct preservation for a longer period. Under Section 35 of the CGST Act 2017 records are preserved for 72 months from the due date of furnishing of annual return for that year. Under Section 44AA of the Income Tax Act read with Rule 6F books are preserved for 6 years from the end of the assessment year.
Section 13(2) of the CGST Act 2017 makes time of supply for services the earlier of invoice date or receipt of payment — GST is payable on advance received. For goods, Notification 66/2017-Central Tax exempts GST on advance receipts (except composition dealers). Bookkeeping entry on advance for services: Bank Dr to Advance from Customer Cr / GST Output Liability Cr. On invoice issue: Advance from Customer Dr to Sales Cr (and GST already paid is set off against invoice GST). Advance Receipt Voucher under Rule 50 must be issued and reported in GSTR-1 Table 11A/B.
AS-9 recognises revenue on transfer of significant risks and rewards (sale of goods) and on a proportionate basis as services are rendered. Ind AS 115 'Revenue from Contracts with Customers' applies the 5-step model — (1) identify the contract, (2) identify performance obligations, (3) determine transaction price, (4) allocate transaction price to performance obligations, (5) recognise revenue when/as performance obligations are satisfied. The Ind AS 115 framework requires variable consideration assessment, financing component for deferred payments > 12 months, principal vs agent assessment and contract asset/liability disclosure.
Both AS-2 and Ind AS 2 mandate inventory valuation at the lower of cost or net realisable value (NRV). Cost includes purchase cost (less rebates, trade discounts), conversion cost (direct labour and systematic allocation of fixed and variable production overhead based on normal capacity) and other costs to bring inventory to its present location and condition. Cost formulas permitted: First-In-First-Out (FIFO) or Weighted Average. LIFO is prohibited under both standards. NRV is the estimated selling price less estimated cost of completion and estimated cost of disposal. Inventory write-downs to NRV are charged to P&L.
Bookkeeping near Ramapuram:

From Arcot Road, Mount - Poonamallee - Avadi Road, Kaikanakuppam VOC Street, Kamarajar Salai and Ramapuram Main Road through to Sri Devi Kuppam Main Road, Valluvar Road, Valluvar Salai and 1st Cross Main Road, our team covers Bookkeeping for businesses right across Ramapuram and its main commercial roads.

Free Consultation Available

Ready for Expert Bookkeeping in Ramapuram?

Professional Accounting & Bookkeeping in Ramapuram, Chennai. Call @ 9566-068-468. Offices at Maduravoyal, Nerkundram & Nolambur (upcoming). 15+ years experience, 4.9★ rated.

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Maduravoyal · Nerkundram · Nolambur (upcoming)
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