13 October 2007
According to RBI rules and IT reqquirements , the foreign invoices realisation should be completed within 180 days from the date of export.
If an export sales is not realised till two years, then that is questionable and the IT authorities would suspect the genuinity.
13 October 2007
If there is any deductions like 80IB the realisation should be withih 6 months the last date of filing of returns. Oterwise you cannot claim those deductions also.
16 October 2007
As per FEMA, All exports proceeds must be realized within 180 days from the last date of exports or completion of the overseas project. Unless there is a contract between buyer and seller for delayed payments and you have informed your bankers well in advance. As such payment received in full and late for what so ever reasons and officially credited in to your A/c. with bank where you ahve submitted export documents. There is no violation of Act. Just reply the Showcasue notice [ if already served by your bankers/RBI] giving the facts for delayed payment.
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