Financial Statements of Fuel Dealers The nature and extent of disclosures required in the financial statements of fuel dealers are contingent upon the dealer’s individual circumstances. However, some of the key disclosures that should be included include: 1. Significant accounting policies: This includes a description of the accounting policies used by the dealer, such… Read More »
Late Filing Impact on Tax Audit Late Filing Impact on Tax Audit yes, there are repercussions for the delayed submission of tax audit reports. The penalty depends on the amount of turnover or gross receipts of the business and the reason for the delay. ♦ Penalty for late filing without reasonable cause: If a fuel… Read More »
Due Date of Tax Audit for Fuel Dealers The due date of tax audit for fuel dealers in India is 30th September of the following financial year. For example, the due date of tax audit for the financial year 2023-24 is 30th September 2024. However, there are some exceptions to this rule. For example, if… Read More »
Threshold Limit of Tax Audit for Fuel Dealers Threshold limit of Tax Audit for fuel dealers. The threshold limit is the turnover or gross receipts of the business. If the turnover or gross receipts of the business exceed the threshold limit, the business is required to have its accounts audited by a chartered accountant. The… Read More »
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… Read More »
Records Management Records Management for each type of fuel sold by fuel dealers holds significance for various reasons: 1. Tax Compliance: Different types of fuel may have distinct tax regulations. By maintaining separate records, fuel dealers can easily trace income and expenses for each fuel type, ensuring compliance with relevant tax rules. 2. Inventory Management:… Read More »
Financial Record Required For Tax Audit The specific financial record required for a tax audit depend on the business sector. Nevertheless, several typical documents encompass: 1. Profit and loss statement (P&L): This statement summarizes the revenues and expenses of a business over a specific period of time. It is use to calculate the net… Read More »
ITR Late Filling for Fuel Dealers Yes, there are penalties for ITR late filling for fuel dealers. The penalties vary depending on the amount of tax due and the reason for the delay. 1. Penalty for late filing without reasonable cause: If a fuel dealer files their ITR after the due date without a… Read More »
Categorization of Fuel Inventory For Accounting The categorization of fuel inventory for accounting objectives relies on the fuel type and its intended purpose. 1. Finished goods: Finished goods are fuel that is ready for sale to customers. This would include gasoline, diesel, kerosene, and other petroleum products. Finished goods inventory is typically classified as… Read More »
ITR Form for Service Providers ITR Form for Service Providers, A Computer Sales & Services business should use ITR-4S to file their income tax return. ITR-4S is a simplified income tax return form that is designed for small businesses with a turnover of up to Rs. 3 crore. This form is easy to fill and… Read More »
