Getting payment from overseas buyer and seller

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TOPIC : Getting payment from overseas buyer and seller

Posted on 25 July 2007 at 20:41:00

We have negotiating supply of cargo from USA to South Africa. we are consultant/broker and based at Chennai India. We have yet to register our company in India We will get payment of our commission from the seller from USA.

Do we have IEC code for this purpose? What are the regulation governing for the above transaction.

Kind regards

K.Ramalingam

Mr. K.Rama Lingam Pillai

Individual

Proprietor, Individual
Tuticorin, India

Free Member, Joined :01/12/2004
No of Topics Posted : 3
Reply/Comments : 1

Re: Getting payment from overseas buyer and seller

Posted on 28 July 2007 at 16:13:00 [Message #403 ]

If you are not actually importing the goods into India, and are only acting as a commission / indenting agents for third country suppliers/ buyers, there is no need for IEC.

Mr. Kalyan K. Bhattacharya

International Papers FZE

Director, International Papers FZE
Sharjah, United Arab Emirates

Free Member, Joined :12/03/2005
No of Topics Posted : 0
Reply/Comments : 3

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Re: Getting payment from overseas buyer and seller

Posted on 28 July 2007 at 20:44:00 [Message #406 ]

Sir

Thanks for your advice. However wish to know whether the amount attracts Income tax in India or USA?

Thanks

Mr. K.Rama Lingam Pillai

Individual

Proprietor, Individual
Tuticorin, India

Free Member, Joined :01/12/2004
No of Topics Posted : 3
Reply/Comments : 1

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Re: Getting payment from overseas buyer and seller

Posted on 16 December 2008 at 11:26:00 [Message #1857 ]

Any income received by a citizen in India is covered with income tax regulations, unless it is gifted by a blood relative.

In US also some rules are in force governing the taxes. Better get a certification issued from paying party on the status of the funds transferred to you. Will be useful while submitting your records to IT authorities in India.

Mr. Dainesh T. Sampat

Reliance Marketing & Services Co LLC.

Director, Reliance Marketing & Services Co LLC.
Ruwi, Oman

Free Member, Joined :12/08/2006
No of Topics Posted : 2
Reply/Comments : 32

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