As-11
This query is : Resolved
Sahil Allawadhi
(Querist)
18 August 2013
Foreign Exchange fluctuation should be adjusted to the cost of Fixed Asset or not?
Like a fixed asset is purchased on 10-8-13 on credit for $100 @ 60,its corresponding liability is discharged on 30-4-14.On 31-3-14 1$=Rs.62 and on 30-4-14 1$=Rs.61, kindly explain the treatment.
Like a fixed asset is purchased on 10-8-13 on credit for $100 @ 60,its corresponding liability is discharged on 30-4-14.On 31-3-14 1$=Rs.62 and on 30-4-14 1$=Rs.61, kindly explain the treatment.
19 August 2013
In books take 60 vs 62 to P&L
For income tax purpose, adjust 60 vs 61 in Fixed asset. Disallow 60 vs 62 in FY 12-13 as you would adjust the cost next year
For income tax purpose, adjust 60 vs 61 in Fixed asset. Disallow 60 vs 62 in FY 12-13 as you would adjust the cost next year
Sahil Allawadhi
(Querist)
23 August 2013
And according to you, for income tax purposes,exchange difference to be adjusted from the date of purchase to date of settlement of liability.there is no relevance of rate of exchange on closing date i.e.31 march?Right?
and what about Co act & AS-11?
and what about Co act & AS-11?
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