Deepak Joshi (Chartered Accountant) (84 Points)
06 June 2009Hello
One of my customer is represnting as buying agent (unregistered) of few Foreign based buyers. He is performing following activities
1. Sourcing of product
2. quality control & check
The exporters are directly making exports to foreign buyers. Now the buyer want my to transfer money to buying agent in India and wants buying agent to pay to all the exporters. How can it be done? What will be RBI, FEMA, IT, Service tax applicability in this case
Please guide
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 08 June 2009
Dear Deepak Joshi
Regarding your querry in respect of payment on behalf of foriegn buyer implications in Income-tax act, you may refer my article a Brief Study on Section 195 and section 40 with reference to DTAA with the USA posted in www.krify.com. You will find this article in recent articles.
With Best Wishes
Sathikonda
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 02 July 2009
Mr.Deepak Joshi
While posting the artilce in krify.com I did not place it under any category. Hence the article appeared in recent articles category. Now it is not appearing. I am herewith attaching the copied document .
Best Wishes
Sathikonda
CAclubindia
