Maintenance of accounts

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Anil Bhandari (Querist)
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13 February 2014 Dear All,

I have a jeans factory(sole Proprietor firm) in which our work is only to color the jeans and send them back(i.e., Job work).We are not maintaing the proper accounts. Now, we want to maintain proper Accounting record from 1st April 2014. Kindly suggest the complete procedure for the same. Also suggest the legal and all other requirement I have to fulfill for the same.

Thanks in advance

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 February 2014 Dear Anil Ji,

You need to comply with the Income tax regulations as provided under section 44AA/44AB/44AD depending on your turnover.

further, service tax and vat compliances are also to be taken care of.

I would suggest that you may hire a full time accountant/outsource accounting work depending on cost-benefit analysis.

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