Import from Iran apple but direct payment not allowed to iran

Importing apples from Iran 🍎 but direct payment to iran is not allowed from India
hence creditors are standing, and The party paid payment to others as per creditors instructions in india. what I do in tax audit
Replies (1)

quite a complex situation! In a tax audit, you'll need to disclose the details of the transaction and the payment made to the creditors in India. Here are some steps to consider: 1. *Disclose the transaction*: Report the import of apples from Iran in your books of accounts and disclose the transaction in the tax audit report. 2. *Explain the payment arrangement*: Provide details about the payment arrangement made with the creditors in India, as instructed by the Iranian supplier. 3. *Show proof of payment*: Furnish proof of payment made to the creditors in India, such as bank statements, payment receipts, or other relevant documents. 4. *Highlight the compliance*: Emphasize that the payment was made in compliance with the extant regulations and guidelines, despite the restrictions on direct payment to Iran. 5. *Consult a tax expert*: Seek guidance from a tax consultant or chartered accountant to ensure you're meeting all tax compliance requirements and taking advantage of available exemptions or relief. Some possible tax implications to consider: - *GST*: Ensure you've paid appropriate GST on the import of apples. - *TDS*: Check if any Tax Deducted at Source (TDS) is applicable on the payment made to creditors. - *FTTR*: If the payment is considered a foreign transaction, you may need to report it under the Foreign Transaction Reporting (FTR) framework. Remember to maintain detailed documentation and seek professional advice to navigate this complex situation.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
04 September 2026
CA inter Or ca finalist

A Jaiswal and company

Lucknow

CA Final

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
16 September 2026
Internal Audit - Team Lead

Consulting & Beyond

Chennai

CA

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details
Company
ARTICLESHIP 21 September 2026
CA Article Assistant

KK & Company Chartered Accountant

Pune

CA Inter

View Details
Company
26 September 2026
Chartared Accountant

pushpganga ventures

Pune

CA

View Details