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foreign remittance
What is the requirement under Income tax, RBI, and company act for foreign remittance for buying goods or services?...
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Some of the points to be keep in mind are as follows
1. Declaration is to be given to RBI for receiving amount in foreign exchange
2. Country with which transaction is carried out should not be NJA (refer NJA rules)
3. International transaction if with related party/ies then refer section 90, 90A and 91 of IT Act , 1961
4. refer AS for diffrence due to currency fluctuation and treatment of the same in accounts
5. Reporting under section 92E (if Applicable)
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