Book Keeping and Disclosures- A need than mere compliance for MSMEs
Many MSMEs treat disclosure in the financial statements merely a statutory compliance than an opportunity to know more deep onto their finances.
Recently I came across an instance of an entrepreneur hauled up by Income tax authorities and issued demand notice for an huge amount for the previous assessment year. He has been into construction business and the business had been subdued in the last two years. Obviously the profitability is very low and paid less tax compared to previous assessment year.Read more