Accounting a foreign bill
This query is : Open
24 July 2010
dear sir,
How to calculate INR value of a foreign purchase bill? Which exchange rate is to be used, rate prevailing on bill of entry or date of payment?
Why do we do so? Any rule or notification in this regard?
How to calculate INR value of a foreign purchase bill? Which exchange rate is to be used, rate prevailing on bill of entry or date of payment?
Why do we do so? Any rule or notification in this regard?
24 July 2010
Dear Student
How r u?
As you asked for the calculation of INR Value of a Foreign Purchase Bill, I would like to say that this calculation should be done using the exchange rate prevailing on bill of entry and any difference between INR Value as calculated above and INR Value as calculated using exchange rate prevailing on date of payment should be trfd. to Profit/Loss Account on Exchange Rates which should again be trfd. to Profit & Loss A/c, i.e. Financial Statements.
How r u?
As you asked for the calculation of INR Value of a Foreign Purchase Bill, I would like to say that this calculation should be done using the exchange rate prevailing on bill of entry and any difference between INR Value as calculated above and INR Value as calculated using exchange rate prevailing on date of payment should be trfd. to Profit/Loss Account on Exchange Rates which should again be trfd. to Profit & Loss A/c, i.e. Financial Statements.
29 July 2010
dear sir,
How to calculate INR value of a foreign purchase bill? Which exchange rate is to be used, rate prevailing on bill of entry or date of payment?
Why do we do so? Any rule or notification in this regard?
How to calculate INR value of a foreign purchase bill? Which exchange rate is to be used, rate prevailing on bill of entry or date of payment?
Why do we do so? Any rule or notification in this regard?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Under construction property in ITR
- Not able to file ITR
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Foreign inward in ITR
- Rental income of jointly held property
- Regarding ITR filing with more value than showing in AIS/TIS
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
