Accounting treatment !

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MANJUNATHA M.R (Querist)
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01 March 2013 Dear Experts Please clarify the following transactions.I Processed Printing & Job work in Dubai and dumped in dubai only. I don't have IEC code Party making the payment in India. In this case in what head we account the same. Please give me correct head of account. Is there any indian taxes applicable Thanks in Advance

Amol S Joglekar

Amol S Joglekar (Expert)
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01 March 2013 It is not taxable in India... for Individual. The residence test for COMPANY are different and hence the answer would differ. The non taxable amount can always be shown as CAPITAL receipt.

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