07 August 2013
Do we need to report the amount of sundry debtors / sundry creditors under the New Form 3CEB, specially for International Transactions ? As Explanation of (i)(c) of 92B(2) provides that "Capital financing, including any type of long-term or short-term borrowing, lending or guarantee, purchase or sale of marketable securities or any type of advance, payments or deferred payment or receivable or any other debt arising during the course of business".
08 August 2013
Although no clear cut is there at present but if the sundry creditors and sundry debtors are outstanding for more than period provided by RBI, then in my personal view,they should be reported.
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