As the initial frenzy over de-legalising of Rs 500 and Rs 1,000 currency notes ebbs, many small business owners and self-employed professionals are learning to live with a new reality — there will be more scrutiny of their incomes, expenses and tax compliance.
Many tax consultants and chartered accountants say there have been several enquiries from clients seeking guidance on how to rework their businesses to remain tax compliant. “Bulk of these enquiries are from traders and self-employed professionals who have a fairly large cash component in their business dealings that usually escaped the book of accounts,†says Paras Mehra, a Delhi-based chartered accountant.
Pavan Kumar Vijay, founder and managing director, Corporate Professionals, says: “We have received at least 50 requests from clients looking to restructure their businesses or register new companies