20 August 2007
sir, a retailer is selling goods in his shop to tourist.He receives payment through international credit card as well as some payment received in his current account,deposited directly by customer(from outside india). Q1-Whether this is an export sale (below 25000$) and declaration under regulation 4 of FEMA has to be filed.? Q2-credit invoice has been issued to customer at the time of delivery of goods(in india).how we will confirm from audit point of view.it may be a fake bill? Q3-how it will be reported u/s 44AB?
CAclubindia
