Writing off amount received in foreign currency

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CA Babita (Querist)
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08 November 2012 can we write off the amount received from foreign debtor, i,e advance received but less good exported.
is there in violation of law in writing off?

Amol S Joglekar

Amol S Joglekar (Expert)
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08 November 2012 Offer it to income tax and then there is no violation.

CA Babita

CA Babita (Querist)
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09 November 2012 no violation of FEMA ACT???

Amol S Joglekar

Amol S Joglekar (Expert)
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11 November 2012 need to tell the amount in this transaction... if it is within the limit prescribed by RBI, for per year basis... then the permission is GENERALLY granted.

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