Accounting Services in India

Our accounting services in India are for every Private Limited Company, especially those with foreign investment, that must meet the statutory requirement of preparing and filing annual financial statements. This service is crucial for startups, SMEs, and established businesses that require accurate, compliant financial reporting for the Ministry of Corporate Affairs (MCA), the Income Tax Department, and for their stakeholders (investors, lenders, etc.).

Formal accounting is a mandatory annual process. Your company's first financial statements must be prepared at the end of its first financial year (which runs from April 1st to March 31st). These statements must be audited by a Chartered Accountant and then filed with the MCA within 30 days of the company's Annual General Meeting (AGM). These same audited accounts form the basis of your annual corporate tax return. This entire process must be completed annually.

Professional accounting services are typically provided as a year-end package, ensuring full compliance with all statutory requirements.

• **Annual Compliance Package (Financial Statements & Tax Return):** ₹25,000 – ₹1,00,000+ for a standard small business. The price varies based on transaction volume and complexity.
• **Statutory Audit Fees:** These are separate from the accounting fees and can range from ₹20,000 to ₹1,00,000+, depending on the scale of operations.
• **Monthly Bookkeeping:** The foundation for year-end accounting. This is a separate service.

The consequences of failing to meet Indian accounting standards or filing deadlines are severe:

• **MCA Penalties:** The MCA imposes heavy, daily-accruing penalties for late filing of annual returns (Form AOC-4 and MGT-7).
• **Director Disqualification:** Directors of a company that fails to file its annual returns for three consecutive years can be disqualified from being a director in any company for five years.
• **Tax Penalties:** The Income Tax Department imposes penalties for late or incorrect filing of tax returns, including interest on any unpaid tax.
• **Inability to Secure Funding:** No investor or lender will engage with a company that is not fully compliant with its statutory accounting and filing obligations.

Outsourcing your Indian accounting is the only practical approach. The preparation of financial statements as per Indian Accounting Standards (Ind AS) and navigating the Companies Act requires a qualified Chartered Accountant. Attempting to manage this in-house is not feasible for most businesses and carries enormous risk.

YourLegal provides a seamless and cost-effective accounting service. Our qualified Indian CAs work directly from the data in your bookkeeping records to prepare your annual financial statements and tax returns. We coordinate with statutory auditors and ensure all filings are accurate and submitted on time. This protects you and your company from penalties and legal risk, allowing you to operate with confidence in the Indian market.