accounting and income tax complances

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 February 2016 We are a sole proprietorship firm doing Business of renting CC TV Cameras to State Govt and other private companies and our turnover exceeds 10 Lakhs this year.My question is
(1) Do we need to pay service tax on our Services.
(2) What are the books we need to maintain.
(3) Other legal compliance regarding Income tax.
(4) How much does CA charges for the above services on monthly basis(Including Bookkeeping and Service tax compliances and other services if needed.)

Guest

Guest (Expert)

08 February 2016 1. Yes. You have to pay ST
2.. You need to maintain accounts in double entry system - accounting in Tally is the most preferable method
3. With respect to Income tax, if you do not have any other source of income, then only IT Return is required to be filed for your turnover. NO Audit report is required. However if you are planning for business loan, I recommend you to get your financials atleast certified by Auditor.
4. For CA cost, you have to discuss with your CA and the price will usually be depending on the quantum of work involved. Some accounts may be very complicated which requires time and resource for completing while others may be simple. Any way I feel Rs 5000 per ST return is average price charged.

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Querist : Anonymous

Querist : Anonymous (Querist)

08 February 2016 Thanks for the Information sir.what is the average cost for Bookkeeping to be charged by CA or any accounting firm per monthly?

Guest

Guest (Expert)

08 February 2016 As I already said, it depends on complications in the accounts. Anyway, if you want monthly, the simplest case also, Rs 5000 per month will be bare minimum depending on the city / town.