Accounts function
Core accounts have to take care of the following areas:
Maintaining accounts on a regular basis for all items of income, expenditure, assets and liabilities
Conforming to Generally Accepted Accounting Practices (GAAP – India), Accounting principles, Various Accounting standards of the Institute of Chartered Accountants of India (ICAI), Requirements under the Companies’ Act like following “Accrual system of accounting” (as opposed to cash system of accounting), Requirements under The Income Tax Act while maintaining the Accounts of the limited company
Finalisation of accounts at the end of the accounting period (financial year) and preparation of final accounts in the formats prescribed in the Companies’ Act – Schedule VI after claiming depreciation as per provisions of Companies’ Act – Schedule XIV
Conforming to provisions relating to Advance Tax payment in four instalments – first instalment by 15/6, second instalment by 15/9, third instalment by 15/12 and the last instalment by 15/3.
Conforming to provisions relating to statutory audit of accounts under the Companies’ Act
Preparation of revenue and capital budgets
Management Information System (MIS) relating to Accounts and Finance
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