24 February 2017
A person is into cargo buisness and earns commission on providing trucks for transportation. He acts as a middleman between the the person who requires truck and the person who is ready to send his truck for transportation and earns commission income on the same. Please guide regarding the overall accounting aspects of such buisness and what are the things to be kept in mind while starting the accounting of such a buisness. Is there any checklist?
25 February 2017
The revenue from operation would be the commission earned from the business. The commission shall be received after deduction of 10% of TDS. You would mostly have office administration expenses. Service tax would be applicable in this nature of business.
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