Account Finalization for Fuel Dealers
Yes, there are threshold limits for account finalization for fuel dealers. The threshold limit is determine by the turnover of the fuel dealer.
If the turnover of the fuel dealer is less than Rs. 1 crore, the accounts can be finalize within 6 months of the close of the financial year.
If the turnover of the fuel dealer is between Rs. 1 crore and Rs. 5 crores, the accounts can be finalized within 9 months of the close of the financial year.
If the turnover of the fuel dealer is more than Rs. 5 crores, the accounts must be finalized within 12 months of the close of the financial year.
However, there are some exceptions to these rules. For example, if the fuel dealer is a company, then the accounts must be finalized within 15 months of the close of the financial year, even if the company’s turnover is less than Rs. 5 crores.
It is important to note that the threshold limits for account finalization are just that – limits. There may be other factors that affect the timing of account finalization, such as the complexity of the dealer’s business or the availability of records.
If you are a fuel dealer, it is important to be aware of the threshold limits for account finalization. You should also consult with your auditor to determine the specific timing requirements that apply to your business.
Here are some of the things to keep in mind regarding the threshold limits of account finalization for fuel dealers:
1. The threshold limits are determine by the turnover of the fuel dealer.
2. There are some exceptions to these rules, such as for companies.
3. The auditor may have other requirements that must be met before the accounts can be finalize.
4. It is important to consult with your auditor to determine the specific timing requirements that apply to your business.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com