ITR Limit for Fuel Resellers
ITR Limit for Fuel Resellers yes, there is a threshold limit of ITR filing for fuel dealers. If the fuel dealer’s total income is below ₹2.5 lakhs, they doesn’t requir to file an ITR.
However, if the fuel dealer’s total income is above ₹2.5 lakhs, they required to file an ITR, regardless of whether they have any tax liability.
The threshold limit for ITR filing for fuel dealers is applicable to all fuel dealers, regardless of whether they are registered under the Goods and Services Tax (GST) or not.
Here are some of the important things to keep in mind about the threshold limit for ITR filing for fuel dealers:
- The threshold limit is applicable to the total income of the fuel dealer, including income from all sources, such as business income, salary income, and rental income.
- The threshold limit is not applicable to the income of the fuel dealer’s spouse or dependents.
- The threshold limit is not applicable to the income of the fuel dealer’s business, if the business registered under the GST.
If a fuel dealer’s total income is above the threshold limit, they required to file an ITR, even if they do not have any tax liability.
This is because the ITR filing process is also use to track the fuel dealer’s compliance with other tax laws, such as the Goods and Services Tax (GST).
It is important for fuel dealers to understand the threshold limit for ITR filing and to ensure that they are filing their ITRs correctly. They should also consult with a tax advisor if they have any questions about the ITR filing process.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com