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 »
Applicable Taxes for Fuel Sales The computation and submission of relevant applicable taxes for fuel sales hinge on the specific tax type and the jurisdiction where the sales occur. In India, the applicable taxes on fuel sales include: 1. Central Excise Duty: This is a tax levied by the central government on the manufacture,… Read More »
Compliance for Fuel Taxation Compliance for fuel taxation here are some of the most important ones: 1. Stay up-to-date on the latest regulations: The tax regulations for fuel sales can change frequently, so it is important to stay up-to-date on the latest changes. You can do this by subscribing to industry publications, attending industry… Read More »
ITRFilling for ComputerSales Yes, there are some threshold limit for ITRFilling for ComputerSales and services: 1. If your total income (gross receipts) is more than ₹2,50,000, you are requir to file an ITR, irrespective of whether you have any tax liability or not. 2. If your total income is less than ₹2,50,000 but more… Read More »
Dedline for Fuel Dealers The dedline for fuel dealers to pay their taxes depends on the type of tax and the dealer’s registration status. ♦ Goods and Services Tax (GST): The due date for GST payments for fuel dealers is the 20th of the month following the month in which the supplies were made.… Read More »