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Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2011 Dear Freind

please clarify the following as per As 11

Treatment of foreing exchange difference in the books of account

As per company Act

As per Income tax

As per AS 11

kindly email on Rajeshh_2008@yahoo.com

Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 August 2011 Exchange difference on account of deferred payments for the acquisition of fixed assets can be adjusted against the carrying cost of the respective asset as per AS-11 upto 31/03/2012. For IT purpose same treatment with out time limit.
Exchange difference other than the above may be recognized in P & l account as a revenue receipt / expenses both for AS-11 and IT Act,1961 purposes.

Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2011
Sir

as per 43A of Income tax Act you can claim capitalised only on payment & claim depreciation

whereas as per Company Act 1956 you can capitalised if it related to fixed assest other wise transfer in P/L A/c

As per amended AS 11 it say to transfer in P/L in toto

please clarify

Regard

Rajesh h Gupta

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