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Discussion > Income Tax > Others >

Foreign Exchange Conversion Rates - TT Buying/ Selling

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Service

[ Scorecard : 241]
Posted On 01 August 2008 at 09:15 Report Abuse

Dear All,

As a year end adjustment which conversion rates should be used for following items.

01. Open advances ( as on 31.03.2008 ) to foreign vendors

02. Open advances ( as on 31.03.2008 ) from foreign customers

Im confused with TT Buying / selling rates............ Can anybody elaborate me on the usage of these rates.

If our company paid advance of US$ 5,000=00 in the mid of march 2008 @ Rs. 42.50............ If I want to calculate exchange rate difference as on 31-march-2008 on that transaction which rate ( TT BUYING OR SELLING ) shouls be used ? For example if it Rs. 43.00 ( per USD ) ..... what will it denotes ? Exchange Rate Flactuation Gain or Loss ?

 Thanks and Best Regards

Amit


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(Guest)
Posted On 08 August 2008 at 12:20

Like to know TT Buying rates and selling rates as on 31.03.08 for US$, Euro and GBP





(Guest)
Posted On 09 September 2008 at 13:19

rate of GBP to INR 31.3.2008

Originally posted by :Guest
" Like to know TT Buying rates and selling rates as on 31.03.08 for US$, Euro and GBP "


 




(Guest)
Posted On 18 September 2008 at 17:04

Originally posted by :Amit
" Dear All,
As a year end adjustment which conversion rates should be used for following items.
01. Open advances ( as on 31.03.2008 ) to foreign vendors
02. Open advances ( as on 31.03.2008 ) from foreign customers
Im confused with TT Buying / selling rates............ Can anybody elaborate me on the usage of these rates.
If our company paid advance of US$ 5,000=00 in the mid of march 2008 @ Rs. 42.50............ If I want to calculate exchange rate difference as on 31-march-2008 on that transaction which rate ( TT BUYING OR SELLING ) shouls be used ? For example if it Rs. 43.00 ( per USD ) ..... what will it denotes ? Exchange Rate Flactuation Gain or Loss ?
 Thanks and Best Regards
Amit
"


 

SBI TT Buying Rate for US Dollar on 31.03.2008




(Guest)
Posted On 19 September 2008 at 19:54

forex currency rate on 31.03.2008




(Guest)
Posted On 25 September 2008 at 11:30

Originally posted by :Guest
" rate of GBP to INR 31.3.2008



Originally posted by :Guest


"
Like to know TT Buying rates and selling rates as on 31.03.08 for US$, Euro and GBP
"




 
"


 




(Guest)
Posted On 25 September 2008 at 11:31

Originally posted by :Guest
" rate of GBP to INR 31.3.2008



Originally posted by :Guest


"
Like to know TT Buying rates and selling rates as on 31.03.08 for US$, Euro and GBP
"




 
"


 




(Guest)
Posted On 05 November 2008 at 10:21

 

 

Dear Sir,

Please tell me the TT Selling rate on dated 04/11/2008 for US$ and EURO.

Thanking you

 




Rashmi
CA

[ Scorecard : 103]
Posted On 15 January 2009 at 16:01

Dear Amit,

 

Sorry for the late reply.

TT buying rate means the rate at which bank purchases the forign exchange, and TT selling rate is rate at which bank seels the forex to customers.

when we have to make the payment in forex we have to purchase the forex from bank and that rate is called TT selling rate. hence for expenses and liabilities use TT selling rate and for income and receivables use TT buying rate

CA Rashmi Gandhi



Total thanks : 1 times



Prabhat Kumar
CE ( P)

[ Scorecard : 21]
Posted On 23 August 2011 at 15:29

EXchange rate of RUbbles to Rupees on 20.02.2003 and 05.08.2004



There are 12 Replies to this message








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