I am working as sales agent, in cooperation with one of my counter part, he is getting commission for the sales from supplier, and later he is paying from his account to mine and he also declare as sales commission income.
Please suggest ;
a.) What documents should I have with myself for the audit purpose?
b.) Is it okay if I give simple commission invoice to my colleague and he transfer the funds to me.
c.) I am getting a fixed amount like Rs 50 per pc for the entire business with client, what type of documents should I keep with myself for my taxation and self audit purpose.
d.) I am getting funds in current account, how to transfer to the saving account of mine and with what declaration?
Kindly suggest for the documentation and account keeping, as to make my startup smooth.
CAclubindia
