Knowledge Base | Vibrant Finserv

Fuel Dealer Finalization Thresholds Are there any threshold limit of account finalization for fuel dealers?

Fuel Dealer Finalization Thresholds Fuel Dealer Finalization Thresholds has no specific threshold limit. However, the fuel dealers are required to finalize their accounts within a reasonable time frame. The reasonable time frame will vary depending on the specific circumstances of the dealer. The fuel dealers should consider the following factors when determining the reasonable… Read More »

What is the threshold limit and due date of tax audit report for Automotive Repair Services?

Tax Audit Reports for Automotive Repair The threshold limit for Tax Audit Reports for Automotive Repair services in India is Rs. 1 crore in case the cash receipts do not exceed 5% of the total receipts. If the cash receipts exceed 5% of the total receipts, then the threshold limit is Rs. 10 crores.… Read More »

What compliance measures should Automotive Repair Services follow to avoid tax audit issues?

Tax Audit Report for Freelancers, Tax compliance and audit

Tax Compliance of Automotive Repair Services Tax Compliance of Automotive repair services in India need to adhere to certain compliance measures to avoid tax audit issues. These measures help ensure accurate reporting and minimize the risk of tax-related problems. 1. Maintaining Proper Records and Documentation: One of the key compliance measures is to maintain… Read More »

Are Motor & Truck Rental Services required to perform account finalization?

Account Finalization for Motor & Truck Rental Yes, businesses that provide Account Finalization for Motor & Truck Rental Services in India. It refers to the process of preparing and presenting the final financial statements of a business for a specific period, usually at the end of the financial year. It involves the compilation and… Read More »

How are credit sales and accounts receivable managed in the account finalization process?

Credit sales Management Credit sales Management are sales made to customers on credit, meaning that the customer is not required to pay for the goods or services immediately. Accounts receivable are the outstanding balances owed to the business by customers who have made credit purchases. The account finalization process is the process of collecting… Read More »

What is the penality and due date of tax audit report for Automotive Repair Services?

Tax Audit Report for Automotive The due date for filing the tax audit report for Automotive Repair Services in India is generally September 30th of the assessment year. In case the taxpayer is required to get their accounts audited under the Income Tax Act due to crossing the prescribed turnover threshold, they must ensure… Read More »

How do you ensure accurate record-keeping for art-related expenses and income?

Accurate Record-Keeping Here are some tips on how to ensure Accurate Record-Keeping for your art-related expenses and income: 1. Establish a mechanism to monitor your earnings and expenditures. Accurate Record-Keeping might involve creating a basic spreadsheet or opting for a more advanced accounting software application. 2. Enter your expenses and income as soon as possible… Read More »

What are the key financial transactions that a Motor & Truck Rental Services should record?

Rental Business Finances Motor and truck rental busoness finances service providers in India should meticulously record several key financial transactions to ensure proper accounting, compliance, and financial transparency. Rental business finances transactions include: 1. Rental Income: Motor and truck Rental business finances providers need to record all income received from renting… Read More »

Are there any threshold limit of bookkeeping for fuel dealers?

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… Read More »

Can you explain the criteria that determine whether a computer sales and services business is required to undergo a tax audit?

Audit Criteria Yes, here are the Audit criteria that determine whether a computer sales and services business is required to undergo a tax audit in India: 1. The gross receipts or turnover of the business must exceed Rs. 1 crore in the financial year. 2. The business must be a company, a limited liability partnership,… Read More »