Accounting is the systematic process of recording, analysing, and interpreting financial transactions. It is the responsibility of every business — whether large or small to furnish their accounting records to the Income Tax Department. Generally, startups neglect these issues and, after a few years, they are forced to deal with them, plus interest. It’s always a good idea to keep track of your finances and provide information to government organisations to avoid difficulties like raids and fines. Companies are required to update the annual returns regularly.
Also, read the benefits of online bookkeeping services
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