Q: What motivated you to write “Money Murdering Mistakes: Done by Businessman”?
CA Sachin Agrawal: Ever since I began dealing with businesspeople, I’ve observed that they make a series of little, careless mistakes that end up costing them a lot of money. I’ve always wanted them to give them these errors and give them the laws that they need to survive.
Q: How does “Money Murdering Mistakes” differentiate itself from other books on finance and accounting?
CA Sachin Agrawal: My book explains in plain terms the everyday legal requirements for business, along with examples and common mistakes people make. Then they won’t have to make them.
Q: What key message or takeaway do you hope readers will gain from your book?
CA Sachin Agrawal: The main lesson to be learned from this book is how to recognise the errors that businesspeople make. So, that they can keep from making similar blunders.
Q: In your experience, what are some of the most common financial mistakes that businessmen tend to make?
CA Sachin Agrawal: The most typical accounting error is when a businessman neglects to double-check his GST Number on the purchase bill. Due to the fact that having a valid purchase bill with both the buyer’s and seller’s GST numbers is a crucial need for claiming input tax credit.
Q: Can you share a specific real-life example of a businessman who faced significant consequences due to a financial mistake? How did they handle the situation, and what lessons can readers learn from it?
CA Sachin Agrawal: The most important error a businessman can make is failing to properly understand the GST legislation, which he must adhere to on a daily basis in order to operate his enterprise. The only real-world example I’d like you to be aware of is the fact that TDS on GST is deducted from supplies made by government suppliers to government institutions, yet I’ve noticed that many people automatically assume that TDS refers to income tax whenever they hear the term. They should be aware that 2% TDS on GST is withheld and deposited, and that this can be made visible in the cash ledger by filing a GST TDS form.
Q: How important is it for businessmen to stay updated with accounting concepts and tax rules? What are the potential risks of neglecting these aspects?
CA Sachin Agrawal: Businessmen should frequently study the most recent news and talk to their tax experts about any changes to the tax rules. If they ignore the changes, it will end up costing a fortune.
