Fema query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 October 2011
Dear sirs,
A non resident company-A sells goods to independent agents in India. A non resident ship-B in Indian waters requires some goods. B contacts A who in turn buys goods from the agents and the agents deliver them to B. Payment is received outside India by A from B.
Please explain if there can be any Fema implication arising from the above transaction? Whether the said transaction qualifies as current account transaction?
A non resident company-A sells goods to independent agents in India. A non resident ship-B in Indian waters requires some goods. B contacts A who in turn buys goods from the agents and the agents deliver them to B. Payment is received outside India by A from B.
Please explain if there can be any Fema implication arising from the above transaction? Whether the said transaction qualifies as current account transaction?
20 October 2011
Please check that the money is exchanged between A and its agents and is not squared off for the two separate entries.
There might be some issues in taxation which need to be carefully evaluated.
Anuj
+91-9810106211
There might be some issues in taxation which need to be carefully evaluated.
Anuj
+91-9810106211
Message likes :
1 times
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?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Sale of property furniture sale
- Applicability of Tax audit u/s 44AB of income tax act, 1961
- Question about eligibility for tax rebate u/s 87A
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- 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
- GST Regis.
- IGST Credit-Show cause notice issued-confusion
Trending Online Classes
CAclubindia
