foreign agent commission, Income Tax

[satbir singh wahi]

Assessee has paid foreign agent commission , and has submitted shipping bill copy which reflects commisssion amount, bank TT copy of payment & invoice of the agent . The A.O. wants to disallow this foregn commission saying nature of services not proved. Whether the evidence given  of TT, SB & inv. not sufficient. Any views ?

Posts / Replies

[Pradeep Khatri]

As per the master circular of the RBI, the commission up-to 12.50% of the FOB value of the exported goods are allowed.

Please provide me your e-mail id, so that I could share it with you.

Futher, please tell me whether the amount of commission had been mentioned on the S/B or Not?  As this the pre-condition to allow the commission on export consignment by the RBI as well as by the FEMA.

[satbir singh wahi]

Thank you , Pradeep Ji .

My email Id      satbirca@yahoo.com     mobile 09814331105

The commission is declared is declared shipping bill .But A.O.  is adamant to disallow it.