Simplify Your Accounting & Tax Filing

How much more profitable could your business be if you have the time to focus on the core business operations instead of handling a range of Bookkeeping & Accounting tasks?

Kick start your accounting journey with us.

What is Bookkeeping and Accounting Service?

Bookkeeping service is a transactional and administrative work that manages the day-to-day financial transactions recording, including sales, purchases, receipts, and payments.

A bookkeeping and accounting service proposes a three-tiered approach to developing and maintaining your company's overall financial processes and management which includes -

• General Accounting & Bookkeeping
• Preparation of Financial Statement
• Tax Return Filing

Who mandates accounting and Bookkeeping Service?

Every company / firm who operates the business in india should abide by statutory regulatory requirements which includes maintenance of books of accounts.

• As per the section 128 of the companies act, 2013, mandate every company including private limited company, public limited company, one person company has to maintain Company’s Books of Account in good order.
• As per section 34 of the LLP Act 2008, limited liability partnership [LLP] requires to compulsory maintain proper books of account and statement of account & solvency relating to its business operation affairs.
• As per Section 44AA of the Income Tax Act, every business (including sole proprietor and firm) requires to maintain proper books of account if income exceeds INR 1,20,000/- (one lakh twenty thousand rupees) OR his total sales, turnover or gross receipts exceeds INR 10,00,000/- (ten lakh rupees) in any one of the three years immediately preceding the previous year then.
• Every professional carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession shall mandatorily keep and maintain such books of account to compute his total income for, income tax return filing.

Why Accounting and Bookkeeping Service?

Professional bookkeeping establishes an important requirement of effective financial management for every business, no matter which industry sector it operates in. When done efficiently, it ensures business growth and mitigates risks.

Accounting service is more subjective, rendering business owners with financial insights about their business based on information acquired from their bookkeeping data.

Bookkeeping flourished prompt business decision making

When a business or a company is absolute on its accounting compliance needs, their financial information will be reliable, and they will be able to make better financial decisions that are suitably tailored.

Financial statements help to apprehend the crucial financial information

The 3 key reports of financial statements that are drafted as a part of online bookkeeping services in India will let you know sensitive & clear financial information:

• Profit and loss Statement
• Balance sheet
• Cash flow statement

Evaluate the performance of the business

The accounting and bookkeeping procedures assist you to keep the records up to date and also track expenses, margin, and possible debt of the business.

Real time tracking of Account Receivable & Payables

With continual maintenance of books of accounts, business owners can track anytime from whom he needs to take money and to whom he needs to pay. This will help manage business’ cash flow management.

Why Outsource Accounting and Bookkeeping Service?

Inefficient bookkeeping departments could lead to unwanted legal implications

LegaCorp being an absolute accounting solution provider

Our bookkeeping and accounting professionals follow a very unique approach and give the best experience to business owners. Our professionals are actively involved in providing efficient services to businesses from any industry across India.

Our accounting & bookkeeping procedure, valuable trained resources, cost-effectiveness, convenient delivery, aides to management in the decision-making process for small and medium scale enterprises.

We assure that our clients always get the best bookkeeping and accounting services in India.

Our Expertise approach for fulfilling Accounting Services

• Records Accounting transactions
• Journal Entries
• Bank Reconciliation
• Sales & Purchase Reconciliation with GST
• Prepare Trial Balance
• Prepare Balance Sheet
• Prepare Profit & Loss Statement
• Reconcile Accounts payable/ receivable
• Recording Credit card / Loan entries
• File GST Return
• File Income Tax Return
• Expert advice to minimize tax liability

Don't wait for a single day to have your accounting processes, We provide exactly what you need.

The secret for a successful business is the sustainable account handling of the day-to-day business operation. Now, it's your turn to get the best bookkeeping and accounting services for your firm.

Focus on your business growth & leave the company compliances tension to us. We help you to stay update & comply with all the required legal formalities while you sit back at your place & relax.

Annual compliances of private limited company

What are the key components of annual compliances of a private limited company?

A company is a separate legal corporate entity and is operated by legal rules and procedures given under the Companies Act 2013.

ROC is also known as Registrar of Companies under the Ministry of Corporate Affairs looks after the compliances of Companies under its jurisdiction. Every Pvt. Ltd. company irrespective of its size has to file returns and documents to comply with the legal requirements given in the Act and is known as ROC compliances.

Failing to comply with rules & guidelines can attract a hefty penalty on the company and their stakeholders

So Let's get insights on what are the key components of annual compliances

Filing of DIR-8

As per Section 164(2) of Company's Act 2013 Every Director of the Company in each Financial Year will file with the Company disclosure and non-disqualification.

Filing of MBP-1

As per Section 184(1) of Company's Act 2013 Every Director of the Company in First Meeting of the Board of Director in each Financial Year will disclose his interest in other entities under (Form MBP-1)

Filing of MGT-7

As per Section 92 of Company Act 2013, Every Company will file its E-form also known as Annual Return within 60 days of holding MGT-7 Annual General Meeting. Annual Return will be for the period 1 st April to 31st March.

Filing of AOC-4

As per Section 137 of Company Act 2013, Every Company is required to file its Balance Sheet along with a statement of Profit and Loss Account and Director Report in this form.

Preparation & Filing of Financial Statements along with Form AOC-4

Balance Sheet, Statement of Profit & Loss Account (Including Consolidated Financial Statement), Directors’ Report, Auditors’ Report, Cash Flow Statement and Notice of AGM.

Preparation of Director Report

As per Section 134 of Company Act 2013, Directors’ Report will be prepared by a mention of all the information required for Small Company.

Circulation of Financial Statement

As per Section 136 of Company Act 2013, Company will send to the members of the Company approved Financial Statement (including consolidated Financial Statement), Cash Flow Statement, Directors’ Report and Auditors’ Report at least 21 clear days before the Annual General Meeting. (Except in case of AGM is called on Shorter Notice)

Scheduling of Annual General Meeting

As per Section 136 of Company Act 2013, Every Notice of Annual General Meeting will be prepared SS-II as per Section 101 of Companies Act 2013 and Secretarial Standard – II.

Scheduling Board Meetings

As Per Section 173 of Company Act 2013 & Secretarial Standard – I, Every Company shall hold a minimum number of FOUR meetings of its Board of Directors every year in such a manner that maximum gap between two meeting should not be more than 120 (One hundred twenty) days. The company should hold at least 1 (one) Board Meeting every quarter of the calendar year.

Filing of ADT-1

As per Section 139 of Company Act 2013, Every company needs to appoint of Auditor will be appointed for the 5 (Five) years and form ADT-1 will be filed for a 5-years appointment.

After that, every year in AGM shareholder will ratify the Auditor but there is no need to file ADT-1.

Preparation & Filing of Annual Return

As per Section 92 of Company Act 2013, Annual Return of Private Company (Except Small Company) should be signed by Company Secretary in Practice.

Process

1. Provide Required Information and Documents over the mail

2. Choose Package and Pay online with different payments modes available

3. On placing the order, your task is assigned to one of our dedicated professional

4. Our professional will prepare books of accounts & financial statements of the company

5. Our professional will file ROC and Income Tax Returns

6. Deliver all the original compliance documents at your doorstep

Documents required

• Bank Statement
• Digital Signature Certificate

Frequently asked questions

We can help you in all your queries regarding PF registration with a single click of mouse while you stay relaxed of getting insured under PF without any complication.

What is EPF?

The employee provident fund or pf is a retirement saving scheme provided by the government for all salaried employees in india, on which fixed interest is regularly paid.

The employee provident fund is a perquisite given by the employer to their employees over and above their basic remuneration.

Why get EPF online registration for employer?

PF Registration is mandatory for all the organizations that have 20 or more employees. Such organizations are required to contribute a fixed amount towards Employee Provident Fund out of employee salary and wages.

If an employer fails to get EPF employer registration, or indulges in false representation of facts to avoid PF payment, he shall be liable for a penalty of INR 5,000/-.

When is PF registration for employer mandatory?

PF registration for Employer is compulsory if:-

• He owns a factory having 20 or more people, or
• Any other organization / foundation with 20 or more employees or
• The class of such organizations whom the Central Government may, by notice would specify for compulsory EPF employer registration.

What is the PF number format?

PF number looks like this:- MH/BAN/0001011/000/0000110. Here are the components in the PF number format:-

• MH: These are 1st 2 characters representing Regional Office code (e.g. MH for Maharashtra)
• BAN: Next 3 characters denote code of Regional Office / Sub-regional Office [e.g. BAN for Bandra (Mumbai-I) EPF office]
• 0001011: Next 7 digits depict EPF employer registration code
• 000: Successive 3 digits tell the extension assigned to the employer (if it’s 000 then extension is blank).
• 0000110: Final 7 digits denote exact EPF account number of the employee

What details do I need to give for PF registration?

Employers need to furnish the following details to get PF registration.

• Name & address of your company
• Head office & branch details
• Date of company incorporation
• Total employee strength
• Type of business activity
• Nature of business.
• Director/partners’ details
• Employee’s Basic details
• Employees’ salary details
• Bank account details of the company
• PAN card

What are the benefits of EPF registration?

Given below are the benefits of getting EPF registration:

• Risk coverage: The most fundamental benefit of the Provident Fund is to cover the risks employees and their dependents that may arise due to retirement, an illness or their demise.
• Uniform account: One of the most important aspects of the Provident Fund account that it's steady and transferable. It can be carried forward to any other place of employment.
• Employee Deposit Linked Insurance Scheme: This scheme is for all the PF account holders. According to it, 0.5% of the salary is deducted from the life insurance premium.
• Long-term goals: There are many long-term goals such as Marriage or higher education that require the urgent availability of funds. The accumulated PF amount often comes handy during such occasions.
• Emergency needs: There are certain unanticipated occasions like marriage or other family occasions, any mishappening or illness that require urgent finance. The PF amount can be of great help.
• Covers pension: Apart from the employee’s 12% contribution towards EPF, an equal amount is contributed by the employer, which includes 8.33% towards Employee Pension Scheme (EPS).

What do we mean by UAN number?

Universal Account Number (UAN) refers to the unique 12 digit number allotted to the employee. UAN Number records employee pf deposited amount and other relevant information which shall continue throughout the employment period and after retirement also. The same can be obtained only through employer EPF registration code.

Who applies for UAN number registration?

The Employer can generate the employee’s UAN. In the event of change of employment, the previous PF UAN number registration shall be linked to the next employer. Employee needs not to get a fresh EPF UAN registration.

Documents required for PF registration

• Registration Certificate: GST Certificate, Shopex, COI
• Address proof: Electricity Bill, Rent agreement, Telephone Bill, Water bill.
• PAN card of business entity and all partners/directors.
• Cancelled cheque: Cancelled cheque is required for authentication of bank details.
• Digital Signature of anyone Director. (Pendrive) DSC will be affixed on the application form.
• Additional Document: In case of Company - COI/MOA, In case of partnership firm - Partnership deed.

Our process for PF registration

1. Provide the required business details and information to our web portal.

2. Choose a package and pay online with different payment modes available.

3. On placing an order, your application will be assigned to one of our dedicated professionals.

4. Our professional will prepare the required PF registration form.

5. Upon verification, the PF registration form will be submitted to PF department.

6. PF registration certificate shall be generated and provide you over the mail.

Frequently asked questions

We can help you in all your queries regarding ESI registration with a single click of mouse while you stay relaxed of getting insured under ESI without any complication.

All about ESI

ESI is an autonomous organization under the Ministry of Labour and Employment, Government of India. Employee's State Insurance (ESI) is a self-financing social security and health insurance scheme for Indian workers.

How does the ESI registration scheme help employees?

The scheme provides full medical cover to the employee registered under the ESI Act, 1948 during the period of his incapacity, restoration of his health and working capacity.

It provides financial assistance to compensate for the loss of his/ her wages during the period of his absenteeism due to sickness, maternity and employment injury. This scheme provides medical claim to his/her family members also.

Who requires ESIC registration?

ESI Registration is mandatory for every factory and specified establishments who have 10 or more permanent employees and wages of such employees are less than Rs. 21,000/- per month.

Is it mandatory for the employer to register under the scheme?

Yes, it is the statutory responsibility of the employer under Section 2A of the Act read with Regulation 10-B, to register their Factory/ Establishment under the ESI Act within 15 days from the date of its applicability to them.

Penalty in case of failure to get ESI registration & ESI returns

In case of any non-compliance by an employer, such as failure to get esic employer registration online or not fulfilling esi return filing procedure, he shall be liable for a fine of INR 10,000/-.

Definition of establishment

According to the notification issued by the appropriate Government (Central/State) under Section 1(5) of the Act, the following establishments employing 10 or more persons attract ESI registration coverage

• Shop
• Hotels or restaurants not having any manufacturing activity, but only engaged in 'sales';
• Cinemas including preview theaters;
• Road Motor Transport Establishments;
• Newspaper establishments. (that is not covered as a factory under Sec.2(12));
• Private Educational Institutions (those run by individuals, trustees, societies or other organizations and Medical Institutions (including Corporate, Joint Sector, trust, charitable, and private ownership of hospitals, nursing homes, diagnostic centers, pathological labs).

Benefits of ESIC registration

ESI Registration provides monetary and medical benefits to employees in case of sickness, maternity and employment injury and to make provisions for related matters.

Some of the benefits of ESI Registration are :

• Sickness benefits at the rate of 70% (in the form of salary), in case of any certified illness certified and which lasts for a maximum of 91 days in any year
• Medical Benefits to an employee and his family members
• Maternity Benefit to the women who are pregnant (paid leaves)
• If the death of the employee happens while on work – 90% of the salary is given to his dependents every month after the death of the employee
• Same as above in case of disability of the employee
• Funeral expenses
• Old age care medical expenses

Documents required for ESI registration

The documents are the same as those listed under Documents required for PF registration.

ESI registration process

1. Provide Required Information and Documents over the mail

2. Choose Package and Pay online with different payments modes available

3. On placing order, your task is assigned to one of our dedicated professional

4. Our professional will fill up the required ESI registration form for the employee.

5. Upon verification, the ESI registration form will be submitted.

6. After ESI account is created, the ESI registration certificate will be sent to the applicant.

Frequently asked questions