Export turnover
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 February 2013
A company made export of articles. It raised a bill on the exports made,which is discounted with bank at the prevailing foreign exchange rates.
2 months later the bank duly realized the amount but at the exchange rates prevailing on the date of realisation by the bank.
whether the company should consider the value of bill or B.R.I.C.(Bank realisation Inward Certificate) as export turnover to claim deduction u/s 10B.
2 months later the bank duly realized the amount but at the exchange rates prevailing on the date of realisation by the bank.
whether the company should consider the value of bill or B.R.I.C.(Bank realisation Inward Certificate) as export turnover to claim deduction u/s 10B.
CA. RAGHAV GARG
(Expert)
10 February 2013
Value of Bill at the rate mentioned in the Shipping Bill needs to be considered.
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