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riddhi (Querist)

21 May 2015 what are the tax implication on the below entry

1 director had gone to US for work and all the expenses were reimbursed at a later date and the conversion rate for $ to ₹ was on the date of reimbursement so what to do for profit of loss on exchange fluctuation?
In Accounts and tax

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

21 May 2015 i think when u reimbursed the exp.. only that date is relevant to book the expense...

there wont b any profit and loss caluclation...

stil wait for some more expert views in this regard

riddhi

riddhi (Querist)

21 May 2015 thanks but the bills are of earlier date

riddhi

riddhi (Querist)

21 May 2015 thanks but the bills are of earlier date

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

21 May 2015 when the bills are of earlier date.. and the director had paid accordingly... then why u wil make payment to director as of date's exchange rate... its just reimbursment expenses dear

riddhi

riddhi (Querist)

21 May 2015 Actually the director paid from his pocket so it was reimbursed from the company and thats why this entry came up.

Thanks for clearing my confusion.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

21 May 2015 that was i m saying... for out of pocket expenses which have been already incurred by director... i think exchange rate flucutation wil not b here...

still lets wait for some more expert comments

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