I have recently started a business of Indian handicraft trading. I buy the products from an artisan and sell it to my clients online via facebook. All the payments are credited to my bank account and all the expenses are paid either via NEFT transfers or via cash. Recently I have got few international orders as well.
I wish to know what all accounting records will I have to maintain so that at the year end my bank account can be reconciled with my sales and expenses and the profit can be shown in the IT return? Please let me know the supportings also which I will have to attach with the invoices. Also For the international order, I wish to know that is it compulsory for me to apply for IEC code?
Is there any way by which I can send the products without IEC code because as of now the business has recently started and I am not sure if I will get regular international orders or not, so I feel applying for IEC for two or three orders will result in a lot of paper work for me.
Your expert opinions will help me a lot.
CAclubindia
