Export income
This query is : Resolved
09 December 2016
Respected Sir,
One of my clients doing the business of EXPORT OF VEGETABLES AND FRUITS. when i try to file his return of income i find that the amount transferred to his account is through HUNDI basis. and also the invoice amount and the amount credited to the bank account are varies. how to deal this case.
Thanking you
One of my clients doing the business of EXPORT OF VEGETABLES AND FRUITS. when i try to file his return of income i find that the amount transferred to his account is through HUNDI basis. and also the invoice amount and the amount credited to the bank account are varies. how to deal this case.
Thanking you
09 December 2016
Better to ask the client to do payment which are in use now. Hundi is the ancient form of payment, which is I think not in use in present time. So better to ask him to opt for electronic or cheque payment. Regarding the difference, u must verify that with the debtor, that y there is difference in the amount as per invoice and HUNDI.
09 December 2016
It is alright sir. But how to disclose the income from previous transactions done.
09 December 2016
Please confirm whether transaction are through proper Banking Channel as Bill of Exchange also is known is Hundi in Hindi. If it is not through the proper banking channel than it is nothing but a Hawala transaction which is not legal and shall have severe implications.
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