Import payment pending

[yujin kim]

Dear sir

 

Our company has purchased motorized gate in 2007 from outside of India A company.

That time we didn't put this data in Tally by mistake.

Therefore, this data is not shown in our balance sheet.

But right now, we have to pay this amount to A company.

For this not shown amount, how can we pay to A company without problem?

 

 

[YAGAY and SUN]

You may capitalized it now and pay to your counterpart by declaring that due to shortage of funds you could not paid this bill at that particular time and there is no interest payment involved in this transaction.

Why are paying now, what can he, you should refuse to payment which is outstanding from long time

AI Summary

Import payment compliance: options for settling an unrecorded overseas liability while documenting prior nonpayment reasons.
A company omitted an import liability from its books and seeks to remit payment now; advised approaches include capitalizing the unrecorded liability and documenting prior shortage of funds with no interest, or alternatively refusing payment on an old invoice-each option implicates foreign exchange compliance, accounting disclosure, and commercial risk considerations.