MSME accounting

is accounting of MSME compulsory even if turnover doesn't exceed 5 cr
Replies (4)
Quick Summary
This discussion clarifies whether accounting is compulsory for Micro, Small, and Medium Enterprises (MSMEs), even if their turnover is below £5 crore. The consensus is that accounting is indeed mandatory under sections like 44AA of the Income Tax Act and relevant GST regulations. While there might be discussions about removing audits for MSMEs, maintaining proper accounting records remains a legal requirement.

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

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

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

Ok...thank you...

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