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Hi Anagha,
As far as I know there are no legal formalities(with ref. to bothFEMA and IT Act) to be complied with in respect of receipt ofadvance against sale of goods/services from a foreign customer(evenif the foreign customer happens to be your parent company).
Regards,
Sanjeev BediCA---
In http://finance.groups.yahoo.com/group/ICAI_CIRC_MEERUT_CA/post?postID=LY0NTgv6XB_TRnBaFnDYADbKvyCUikB2IbPAAmYWla_10TlQKVy9E-YHbd3d5L3CYz5S3z7iyfTnxk4xt5bR2ZQ5o0_fyuhObpM1N9Ds, Anagha Metha wrote:>> Dear All,>> Our Company is in Drawing and designing. And we are 100 % exportto our parent company in USA. and for some financial need our parentcompany is going to give us advance against sale and we have toadjust this against sales over the period of time.> Shall any tell me what legal formality I have complied forgetting this advance.>> Anagha Jagade>
As far as I know there are no legal formalities(with ref. to bothFEMA and IT Act) to be complied with in respect of receipt ofadvance against sale of goods/services from a foreign customer(evenif the foreign customer happens to be your parent company).
Regards,
Sanjeev BediCA---
In http://finance.groups.yahoo.com/group/ICAI_CIRC_MEERUT_CA/post?postID=LY0NTgv6XB_TRnBaFnDYADbKvyCUikB2IbPAAmYWla_10TlQKVy9E-YHbd3d5L3CYz5S3z7iyfTnxk4xt5bR2ZQ5o0_fyuhObpM1N9Ds, Anagha Metha
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