We have passed shipping bill for export on 30th March 2015 and according to that we have cleared material for further export from our unit on 30th March 2015.
Now, that material will be shipped on 10th April 2015 and bill of lading issued date is 10th April 2015.
As per date of clearance from our unit is 31st March 2015, can we have book that export transaction in current fiancial year ie. 2014-15 or next financial year i.e. 2015-16.
Pl. advice.
Record Export Sales in FY 2014-15, Export Benefits in FY 2015-16; Shipping Date Matters. A user inquired about recording an export transaction in their books of account. The shipping bill was passed, and materials cleared on 30th March 2015, but the actual shipment and bill of lading date is 10th April 2015. They asked whether the transaction should be recorded in the financial year 2014-15 or 2015-16. A respondent advised that the export sales can be booked in the current financial year, 2014-15, but any export benefits obtained will be counted in the next financial year, 2015-16. (AI Summary)
TaxTMI 
TaxTMI 
