Hi freinds.
When to recognise revenue in following export trasaction????
Date of invoice - 21/9/2010
Date of goods dispatched - 29/9/2010
Date of Bill of leding - 11/10/2010
And on what date foreign exchange convertion rate is to be taken????
2 Replies
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 15 December 2010
Date when the risk and control of goods is completely transfered .In such a case it should be on 29.9.2010.Wait for expert comments.See Your Accounting policy in this regard if contract is FOB it should be on date of despatch if it is CIF revenue to be recognised till it reaches buyers port and acknowledges the same for having received the goods
CA Pratik Dharod
(Bussiness)
(178 Points)
Replied 16 December 2010
In CIF transaction if buyer is not giving any acknowledgement then what to do?????
Recent Topics
- Eway Bill Address
- What is tds12
- SECTION 148 PROCEEDING
- GST AUDIT 01 - NOTICE
- Capital gain purchase date
- Transmission of deceased's shares in physical form
- Income tax notice but unable to file updated retur
- Income tax depreciation deductions
- GST Notice (Under Section 73)
- Asset Declaration in ITR2 for flat purchased in jo
Related Threads
Trending Online Classes
-
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
Mr.Balamurugan Ranganathan13 March 2025
CAclubindia
