MSME accounting

01 October 2021

is accounting of MSME compulsory even if turnover doesn't exceed 5 cr

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (194747 Points)
Replied 01 October 2021

Yes, w.r.t. sec. 44AA of IT act....

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CHAITRI SUDHAKARBHAI KHAROD (ARTICLE) (752 Points)
Replied 01 October 2021

Okay...thank you....means NFRA advises to remove audit for MSME...but even if removal of audit, accounting will be necessary...right???

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (194747 Points)
Replied 01 October 2021

Yes, accounting of books as per IT act GST act etc.. is mandatory.

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CHAITRI SUDHAKARBHAI KHAROD (ARTICLE) (752 Points)
Replied 01 October 2021

Ok...thank you...

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