Bookkeeping Limit for Fuel Dealers
Indeed, there are threshold limits for bookkeeping for fuel dealers. The threshold limit is determined by the turnover of the fuel dealer.
If the turnover of the fuel dealer is less than Rs. 25 crores, then there is no requirement for statutory audit.
However, the fuel dealer is still required to maintain proper books of accounts.
If the turnover of the fuel dealer is between Rs. 25 crores and Rs. 50 crores, then the fuel dealer is required to get their books of accounts audited by a qualified auditor.
If the turnover of the fuel dealer is more than Rs. 50 crores, then the fuel dealer is required to get their books of accounts audited by a chartered accountant.
The threshold limits for bookkeeping for fuel dealers are set by the Companies Act, 2013. The Companies Act is the law that governs the formation and operation of companies in India.
The threshold limits for bookkeeping for fuel dealers are also applicable to other businesses that sell fuel, such as petrol pumps and LPG distributors.
It is important for fuel dealers to comply with the threshold limits for bookkeeping. Failure to do so could result in penalties from the government.
Here are some of the benefits of maintaining proper books of accounts for fuel dealers:
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It helps to track the financial performance of the business.
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It provides a record of the business’s transactions.
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It helps to comply with the law.
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It can be used to secure loans and financing.
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It can be used to attract investors
To visit: https://www.incometax.gov.in
For further details access our website: https://vibrantfinserv.com