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As per the Companies Act, books of accounts have to be maintained according to the double entry system on an accrual basis in accordance with the Indian Accounting Standards (IAS) and the same should be maintained at the registered office of the company.
A company has to close its books accounts every financial year. For a company, Financial Year means the period ending on the 31st day of March every year and where the company has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year.
Example:
A Company registered on or before 31st December 2016, the first Financial year for the Company shall be the period from 31st December 2016 to 31st March 2017.
A Company registered on or after 1st January 2017, the first Financial year for the Company shall be the period from 1st January 2017 to 31st March 2018.
The accounts of a company need to be audited by a Chartered Accountant. The requirement of audit is applicable to all companies irrespective of size and turnover. At every Annual General Meeting (AGM), the board of directors shall present the accounts of the company consisting of balance sheet as at the end of the financial year and a profit and loss account for that period along with the report of auditors to the shareholders of the company.
A copy of the Financial Statements shall have to be filed with the Registrar of Companies within 30 days for Annual General Meeting.
In case of companies where annual turnover is Rs.200 lakhs or more, there is an additional requirement of audit under the Income Tax Act by a Chartered Accountant and the report should be submitted along with the Annual Tax Returns.
LIMITED LIABILITY PARTNERSHIP (LLP)
Every LLP has to maintain books of accounts and prepare a Statement of Accounts and Solvency (Accounts) every year ending on 31st March. LLPs have the choice to select the appropriate accounting mentods for maintaining books such as double entry or cash based.
All LLPs registered on or before 30th September are required to close their financial year on 31st March of the following year.
Example:
An LLP registered on or before 30th September 2016, the first Financial year for the LLP shall be the period from the date of incorporation to 31st March 2017.
A Company registered on or after 1st October 2016, the first Financial year for the Company shall be the period from the date of incorporation to 31st March 2018.
LLPs should file such accounts with the Registrar of LLPs (Form 8) within 30 days from the end of 6 months of such financial year. Therefore, the filing of accounts is to be done on or before 30th October every year. If an LLP’s annual turnover exceeds Rs.40 lakhs or whose contribution exceeds Rs.25 lakhs, it should get its accounts audited by a qualified Chartered Accountant.
As per Income Tax Act, an LLP has to close its financial year as on 31st March every year and file the returns with the Income Tax Department. If an LLP’s annual turnover is more than Rs.200 lakhs, the accounts have to be audited as required under the Income Tax Act as well.
