MSME means Micro, Small and Medium Enterprises. The Income Tax Department of India has detected that MSME has hidden income of Rs 5,800 crores in Fiscal year 2010-11.
Generally Income tax department carries out a number of searches for high income sectors but this time income tax department has put its scanner towards sector which contributes about 45 % of manufacturing output of the country.
Income tax department has carried out 3911 raids and after that they came to know about the hidden income of Rs 5,800 crore in MSME sector.
So from now onwards every one will be under the scanner of Income tax department. Be careful.
Suggestions and Comments are welcome.