Bookkeeping Services :

Bookkeeping is the process of recording financial transactions and is a vital part of any business. Without accurate and up-to-date bookkeeping, it would be very difficult to run a successful business. Bookkeeping services not only provide a record of all financial transactions, but can also be used to track spending, monitor income, and prepare financial statements.

Accounts Payable :

Accounts payable (A/P) is the money that a company owes to its suppliers. When a company orders goods from a supplier, it usually pays for them within 30 days. This means that the company has to keep track of how much money it owes to each supplier. Many accounting services handle AP for their clients.

Accounts Receivable :

Accounts receivable (A/R) are funds that are owed to a company by its customers. This amount is typically recorded on the company’s balance sheet as an asset. In order to keep track of accounts receivable, companies will typically set up an accounts receivable ledger. This ledger will contain all of the pertinent information regarding each customer’s outstanding balance.

Bank Reconciliation :

Bank reconciliation is the process of matching the balances in an organization’s accounting records with the corresponding information from the bank statements. This process is important in order to ensure the accuracy of the organization’s financial records.
Bank reconciliation can be a complex and time-consuming task, but it is essential in order to maintain accurate financial records.

Tax Accounting :

A tax accountant is responsible for ensuring the company pays the correct amount of tax, and provides advice on how to minimize the amount of tax the company pays. They may also help with preparing and filing tax returns.

Auditing Services :

There are many different types of accounting auditing services available to businesses and organizations. These services can provide an independent, objective evaluation of an organization’s financial statements and their compliance with generally accepted accounting principles.
Audits can help businesses and organizations identify potential problems and make necessary changes to improve their financial reporting.

GST Returns :

Goods and Services Tax (GST) is a tax reform that eliminates India’s major indirect taxes like Excise, Service Tax, and VAT. As per the changes in the 32nd council meeting, the businesses whose turnover exceeds Rs. 40 lakhs (Rs 10 lakhs for the North Eastern States and hill states)  and Rs. 20 Lakhs (for the supply of services) are required to register under the Act.

Every person who is registered under GST shall be required to file GST Returns. The due dates for GST Compliances vary depending on the turnover and state in which the person is registered.

GST Act mandates every registered entity to furnish details of its sales and purchases including tax paid and collected thereon by filing GST returns. Taxpayers must provide correct information to the department as the system is designed so that all transactions are synchronized with each other and no transaction is left unnoticed between buyers and sellers. Our Naresh Consultancy team in Hyderabad lets you focus on your business, by filing your tax returns in compliance with the GST regime.

Income Tax Returns :

An income tax return is a form where taxpayers have to declare their taxable incomes from all sources, eligible deductions, and tax payments if any. This is called ITR Filing Procedure. If you have paid more taxes than “payable”, you are entitled to an Income tax refund. If the reverse is the case, you should pay the remaining amount before filing your Income tax return. Cases, where more taxes have been paid beforehand, are TDS or Advance Tax paid by you. In such a scenario, you should show correct incomes and taxes in your Tax Returns.

Income tax return forms range from ITR 1 to ITR 7, used for different types of income and different types of entities. Depending on the type of forms, there are various disclosure requirements. Filing ITR in India is completely online and paperless. There is no need for you to submit a physical return at the local income tax offices. All documents, wherever necessary need to be submitted online. Income tax return is to be filed for a particular Financial Year (i.e. April to March) irrespective of Accounting Year adopted by you.