Inward remittance from foreign client
This query is : Resolved
15 December 2011
Hello,
We have a software prop firm which works for foreign client. The client makes payment to a Bank A in india and then Bank A sends it to our current A/c as NEFT. Now my bank is asking to get the remittance directly from client via bank route rather than current way or else FIRC will not be generated. Do we really require FIRC for audit purpose or is there any alternative proof that I can ask Bank for this case.
We have a software prop firm which works for foreign client. The client makes payment to a Bank A in india and then Bank A sends it to our current A/c as NEFT. Now my bank is asking to get the remittance directly from client via bank route rather than current way or else FIRC will not be generated. Do we really require FIRC for audit purpose or is there any alternative proof that I can ask Bank for this case.
15 December 2011
Yes FIRC is must for software exporters.
Anuj
Anuj
15 December 2011
Dear Tajaswini,
As far as the FEMA, for your transaction Foreign Inward Remittance Certificate is required.
As far as the FEMA, for your transaction Foreign Inward Remittance Certificate is required.
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- 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
Trending Online Classes
CAclubindia
