Respected Sir,
One of my clients doing the business of EXPORT OF VEGETABLES AND FRUITS. when i try to file his return of income i find that the amount transferred to his account is through HUNDI basis. and also the invoice amount and the amount credited to the bank account are varies. how to deal this case.
Thanking you
You need to segregate the amount of invoice and amount of actual realisation on remittnace received in foreign exchange when the payments is received. The difference between the two will be your profit or loss on foreing exchage rate difference at the time of invoice and at the time realisation of amoung recd.
thank you sir
Kothari Jain Patil & Chartered Accountants
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