Payment from foreign country
This query is : Resolved
11 July 2022
I am proprietor n will receive payment from foreign country in advance for purchasing spices from India n then sending spices in foreign country. What will be the tax consequences ,how should I do the transaction,should I change the constitution from proprietor to company, bcoz do you think changing constitution will help foreign party to rely on me more,plz reply
Thanks in advance
Thanks in advance
11 July 2022
No need to change the constitution.
Obtain IEC code and register with GST and submit letter of undertaking in GST portal so that no GST payable on exports.
Applicable customs duty payable.
Obtain IEC code and register with GST and submit letter of undertaking in GST portal so that no GST payable on exports.
Applicable customs duty payable.
12 July 2022
N for receiving tat advance from foreign country will I be liable to pay income tax
12 July 2022
No need to pay income tax on advance received.
Only on supply profit earned on export is taxable under income tax.
Only on supply profit earned on export is taxable under income tax.
12 July 2022
Advance which I am going to receive is to be shown as loan or it will be treated as income n so will be liable to income tax
12 July 2022
Show it as advance against supply not as loan no income tax payable on a.
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
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
