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TO CARRY SPARE PARTS WHILE TRAVELLING, Income Tax

Issue Id: - 2673
Dated: 21-1-2011
By:- SURYAKANT MITHBAVKAR

TO CARRY SPARE PARTS WHILE TRAVELLING


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Our technician carry some spare parts while travelling aboard for installation/service purpose. While doing installation technician has use that spare parts and customers paid for that in US Dollars can we book that US Doller in our books showing export sale of Spare and deposit in Bank whereas no evidence available to show export like shipping bill, etc. kindly give us advice under INCOMT TAX LAW

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1 Dated: 21-1-2011
By:- natesan rajendiran
Under Income tax law taxability depends on the residential status of a person.You have not mentioned the residential status.Moreover you must also mention about your business connection,agreement for execution of works contract if any etc.For payment connections one should also keep in mind FEMA provisions.

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