Request Help,
one Individual, appointed as a commision agent in a dairy company's collection centre located in a village. He is collecting milk from milkmens in village on behalf of company and make payment to them in cash on behalf of company out of the money received directly in his saving account from the company. For this he is getting commision of Rs. 1.50/letre of milk. Issue in the case is that his cash withdrawal is going more than 10 lac from saving account as monthly receiving and payment from and on behalf of company is approx 3 lac and also bank are pushing him not to do such higher amount of cash transaction in saving account....he is getting approximate 2 lac of commision annually.
suggest better solution for the same
Commission Agent - Issue of Major Payment Received in Saving Account
CA Amit Gaur (CA in Practice) (51 Points)
06 October 2017