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Exchange difference

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(Querist)
14 November 2014 dear all, whether exchange difference on debtors and creditors due to difference in rates for the period from date of transaction to date of balance sheet are to be taken or to date of payment/receipts are to be taken for income tax purpose
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
14 November 2014 As per AS-11 we need to restate the debtors and creditors based in the exchange difference as on end of the balance sheet date.
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SANIA

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SANIA (Expert)
17 November 2014 Thanks for reply ramesh ji, pls tell me what will be the treatment as per income tax act
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