FIRC

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This query is : Resolved

Prakash Raj (Querist)

09 December 2009 Hello Sirs

Will the Assessing Officers accept the Printed copy of the Paypal receipts for FICR? Please respond.

Thanks in advance

Prashant

Prashant (Expert)

10 December 2009 The FIRC has to be issued by a "Bank". Therefore, the print of paypal receipt will not be accepted by the AO.

CA Prashant Gunjal
Pune

Prakash Raj

Prakash Raj (Querist)

10 December 2009 Dear sir,

Thanks for your reply

Most of our foreign clients (we are a software company) pay through Paypal. We transfer the accumulated amount from Paypal to our current account once in a month or so.
Now can we get FIRC from our bank stating the amount of Foreign currency transfered from Paypal, will that be sufficient.

Thank You

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

24 July 2024 To obtain a Foreign Inward Remittance Certificate (FIRC) for PayPal payments, you need to request a certificate from your bank confirming the receipt of foreign currency. The FIRC will specify the amount received, conversion rate applied, and the equivalent amount in INR credited to your account. Assessing Officers typically require official documentation like FIRC for official purposes like tax filings or foreign exchange regulations compliance.

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