Q. Whether Import Export Code (IEC) is mandatory for import of goods?

For Import of Goods, the first thing you need to have a Import Export Code (IEC).

Q. What do you mean by Accounting / Book Keeping?

Traditionally, accounting is defined as an Art of summarising all the finance related transaction in such a way, that it gives you a clear and transparent view of your business.

Q. How sooner or early is the accounts and bookkeeping part need to be arranged and confirmed?

The best way to do the accounting in a company is to do accounting on Accrual basis that means whatever income you have earned or whatever expenditure you have expended should be recorded in the books at the time of happening of the event not at the time of actual monetary transaction happens.

Q. Is there any penalty associated if I do not maintain accounts properly?

It is like a chain, if you don’t maintain proper books, Chartered Accountant will give you a disclaimer, based on that government will not trust your books, and hence, they will be compelled to calculate the tax, Interest and penalty according to their wish.

Q. How will HUBCO take care of your organization’s entire accounting practice?

Hubco comprises of a team of specialized Chartered Accountants who heads your accounting assignment, review each and every transaction fed into the accounting system.

Q. When I incur an expense, shall I require keeping a record of the invoice or bill raised by the seller/service provider/vendor. Anything else?

When you incur any expense or earn any income, you need to keep the invoice copy with yourself to make us possible to do the accounting properly.

Q. Is there anything which needs to take care of us Like TDS deduction or something and how Hubco will go to help us?

Proper section applicability while deducting TDS and Proper base of calculation of TDS should be there.

Q. What will we do if Client pays us less after deducting TDS?

In that case, the clients of your organization shall deduct TDS on the billed amount and pay the net amount.

Q. If I am a Service Provider do the accounting is something Different?

If you are a service provider and your service turnover in a year exceeds 10 Lakh then you need to go for a Service Tax registration.

Q. Do Hubco Take care of Service Tax compliances?

Hubco is comprising of expert chartered accountants in the field of service tax, and they will surely help you.