Export to nepal

This query is : Resolved

Gaurav jain (Querist)
Follow

22 August 2013 Please clarify.......

Dear sir,
we are exporting goods to NEPAL in Indian rupee

The Nepal party give payment to us in cash the amount may be in lakhs.

Please note in cash

My question ..
1.Can we deposit the amount in our books in cash mode .
2.Is it offence under income tax act , though we are crediting the amount in lakhs.
3.can IT can take any action under these

Please suggest us,
Gaurav
INDORE

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

08 September 2013 No there is no control and restriction in selling goods on cash. It is the purchaser who is to make the payment by account payee cheque or draft in India. In Nepal the buyer will look his problem and accordingly you are free to take cash and deposit it in your account

Message likes : 1 times

CA PARTH SHAH

CA PARTH SHAH (Expert)
Follow

09 August 2020 Now there is restriction on receipt of cash of Rs 2 lakhs or more for a single transaction under newly introduced section 269ST of the income tax act. So now you need to check this point

Upgrade to CAclubindia Pro. Subscribe Now!