Accounting for Foreign Transactions
This query is : Resolved
02 June 2010
I had purchased asset from canada..........my query is when should i record that asset in my books of accounts.....means on which date it should be recorded
bill date or date of bill entry???
please help..........
give reference for case law,if any,
bill date or date of bill entry???
please help..........
give reference for case law,if any,
02 June 2010
For booking of purchase of assets, the copy of bill of entry for home consumption is required which contain the invoice value in foreign currency and in indian rupee. All purchases is to be booked at the date of bill of entry for home consumption and at the value which is appearing on bill for entry.
For calculation of exchange fluctuation, value in foreign currency multiplied by the exchange rate minus value at which it was booked previously.
For calculation of exchange fluctuation, value in foreign currency multiplied by the exchange rate minus value at which it was booked previously.
Message likes :
1 times
09 June 2010
Thanks
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
- Pass word to open justification report for Q1 for FY 2026-27
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
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
