Bookkeeping for Automobile Dealers

 Yes, there are threshold limits for bookkeeping for automobile dealers. The threshold limit varies depending on the country or state.

In India, for example, the threshold limit for bookkeeping for automobile dealers is ₹40 lakhs (INR 4 million).

This means that if the annual turnover of an automobile dealer is less than ₹40 lakhs, they are not required to maintain regular books of account.

However, they are still required to keep some basic records, such as cash receipts and payments, and records of inventory.

In the United States, the threshold limit for book keeping for automobile dealers varies from state to state. In California, for example, the threshold limit is $250,000.

This means that if the annual gross receipts of an automobile dealer in California are less than $250,000, they are not required to maintain regular books of account.

However, they are still required to keep some basic records, such as cash receipts and payments, and records of inventory.

It is important to note that the threshold limits for bookkeeping are just that – limits. Even if an automobile dealer’s annual turnover is below the threshold limit, they may still be required to maintain regular books of account if they are audited by the tax authorities.

To visit: https://www.mca.gov.in/

For further details access our website: https://vibrantfinserv.com