Foreign direct payment in my account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 May 2013
Hello everyone,
Recently I have imported rough diomond around 13000$ and export them to same party after doing job work an 16600$.
now if party will deposit the same profit amount in my account 6600$ then if there is any problem done with legal point of view or taxation purpose?
Or what process should I consider regarding this?
Thanks in advance.
Recently I have imported rough diomond around 13000$ and export them to same party after doing job work an 16600$.
now if party will deposit the same profit amount in my account 6600$ then if there is any problem done with legal point of view or taxation purpose?
Or what process should I consider regarding this?
Thanks in advance.
RAMESH KUMAR VERMA
(Expert)
15 June 2013
WHO ARE YOU
(1) ARE YOU SERVICE PROVIDER?
(2) EXPORTER /IMPORTER
(3)INDIVIDUAL
as per para 2.8 (iii) of foreign trade policy 2009-2014, a person (exporter/ importer) is exempt from IEC code if they are importing / exporting the goods for personal use / agriculture purpose.
If you are (1) AND 2 (THIS AMOUNT CREDITEDIN YOUR ACCOUNT EEFC ACCOUNT.
(1) ARE YOU SERVICE PROVIDER?
(2) EXPORTER /IMPORTER
(3)INDIVIDUAL
as per para 2.8 (iii) of foreign trade policy 2009-2014, a person (exporter/ importer) is exempt from IEC code if they are importing / exporting the goods for personal use / agriculture purpose.
If you are (1) AND 2 (THIS AMOUNT CREDITEDIN YOUR ACCOUNT EEFC ACCOUNT.
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