Can you see which projects made money, or only that the company did?
Hyderabad's services economy runs on engagements rather than on products, and that changes what the monthly close has to produce. A consultancy or IT services business with fifteen live projects has fifteen profitability questions, and a P and L that reports only the company total answers none of them. Costs have to be tagged to engagements as they are recorded, because nobody can allocate them accurately three months later.
Project ledgers, milestone billing, time and effort tracking, foreign currency receipts and TDS credits spread across many customers. On the other side of the city, pharmaceutical and nutraceutical manufacturers bring batch costing and expiry-driven inventory write-offs that need recording as they occur.
The tagging discipline is what separates useful books from accurate ones here. If salaries, subcontractor costs and expenses are recorded to a project as they are entered, project profitability falls out of the system every month at no extra effort. If they are not, someone attempts an allocation at year end from memory and timesheets, and the resulting numbers are approximately right and completely undefensible. This is a decision taken once when the chart of accounts and cost centre structure are designed, and it is the difference between a services business that knows which engagements to repeat and one that knows only its margin in aggregate.
Telangana levies professional tax alongside PF and ESI, with a separate entity-level enrolment distinct from the employer registration.
The reason this stopped being a matter of tidiness is that reconciliation moved upstream of the return. Auto-populated outward liability in GSTR-3B has been non-editable since the July 2025 tax period and Table 3.2 has been system-locked since the November 2025 period, so a mistake in GSTR-1 is corrected through GSTR-1A before you file rather than adjusted afterwards. The Invoice Management System treats inaction on an inward invoice as acceptance, so input credit is settled by what happened during the month. And a GSTR-3B cannot be filed more than three years after its due date, so an old backlog is a shrinking asset rather than a static problem. The month is now where compliance is decided, and the return only reports it.
| Item | Position as at August 2026 |
|---|---|
| Who must keep books, individuals and HUF | Income above Rs 2,50,000 or turnover above Rs 25 lakh in any of the 3 preceding years |
| Who must keep books, others | Income above Rs 1,20,000 or turnover above Rs 10 lakh, on the same test |
| Governing provision | Section 62 of the Income-tax Act, 2025, which carries forward the old section 44AA |
| Penalty for not keeping them | Rs 25,000 under section 441 of the Income-tax Act, 2025 |
| Electronic books | Rule 46(8) of the Income-tax Rules, 2026 requires a daily backup on servers located in India |
| Retention, income tax | Seven tax years from the end of the relevant tax year, under Rule 46(9) |
| Retention, Companies Act | Eight financial years, section 128(5). The longest applicable period governs |
| Retention, GST | 72 months from the due date of the annual return, extended during proceedings |
| GST edit log | Rule 56(8). Required for electronic records, every registered person, since 2017 |
| Company audit trail | Rule 3(1), Companies (Accounts) Rules 2014, financial years from 1 April 2023 |
| GSTR-3B outward liability | Auto-populated and non-editable since the July 2025 tax period |
| MSME creditors | Deduction deferred until paid where a micro or small supplier is paid late |
| Plan | Fee | Built for |
|---|---|---|
| Essential | Rs 2,499 a month | Up to 100 transactions a month, one GSTIN |
| Growth | Rs 6,999 a month | Up to 400 transactions, up to three GSTINs |
| Controller | Rs 17,999 a month | High volume, multi-state, or reporting to outsiders |
| Backlog clean-up | From Rs 9,999 | Prior periods rebuilt, sequenced oldest first |
| Books health check | Rs 4,999 | Written diagnosis, credited against the first retainer |
Priced on transaction volume and the number of GSTINs rather than on turnover, because that is what actually drives the work.
Every price above is a professional fee, excluding GST and government charges. 50% on delivery.
All fees and charges listed are indicative only and do not constitute a binding offer. Final amounts may vary depending on the volume of work and the complexity involved.
Yes, provided costs are tagged to projects as they are recorded rather than allocated afterwards. Salaries, subcontractor costs, travel and direct expenses all need a project dimension at entry. Set up that way, project profitability is a report rather than an exercise. Retrofitted, it is guesswork dressed as analysis. It is a cost centre and chart of accounts decision taken at the outset.
Revenue recognised against milestones as they are achieved rather than when invoices are raised or cash lands, with unbilled work carried as a receivable and advance receipts carried as a liability. Foreign currency needs exchange differences captured at invoice date, receipt date and reporting date. TDS credits from many customers need reconciling to Form 168 rather than accepted on faith, since a credit not appearing there is not available to you.
Batch-level inventory with expiry tracked, and write-offs recorded as they occur rather than discovered as an unexplained stock difference at year end. Goods not accounted for can be treated as supplied and taxed under the GST provisions, so an inventory difference is a tax exposure rather than a housekeeping issue. Monthly stock reconciliation is not optional in this sector.
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Reviewed by the CA and CS Team, CorporateWalla · Last updated 17 August 2026 · · Sources: GST portal, Income Tax Department, Ministry of Corporate Affairs, Udyam Registration portal
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