Export to nepal
This query is : Resolved
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
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
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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
