Book keeping and Accounting for Properietory Business

Sunil (Business) (46 Points)

28 April 2011  

Hello

I have started my HR consultancy business in the month wef 01-Oct-10. Before this period, Iwas a Human Resource professional for the last ten years. I have a few questions :

1) What are the books & records to be maintained for proprietory business ?

Note: a) Iam already maintaining a cash book with receipts & expenses maintained in it.

b) I have a current acount opened in the name of my company & Iam recieving all payments through cheques.

Please specify if any other record or register else is to be maintained from commercial laws or Income Tax angle.

 

2) Can I show my expenses curtailed towards setting up my business as "business expenses" while I was an employee before the period of Oct 2010?

Note: There are some preliminary expenses like domain name registration, web hosting charges etc which I had curtailed while I was still an employee.

 

Thanks in advance for your response

regards

Sunil Gaikwad