Exchange Flactuation
This query is : Resolved
03 August 2010
Hello
IF a indian company invest in share application of a foriegn 70000$ but the co has not alloted any share therefore this money is refunded after 3-4 month but at that time there is exchange flactuation gain of Rs 300000/- .
please tell me what is the treatment of this entry as per Accounting Standers and also in income tax
IF a indian company invest in share application of a foriegn 70000$ but the co has not alloted any share therefore this money is refunded after 3-4 month but at that time there is exchange flactuation gain of Rs 300000/- .
please tell me what is the treatment of this entry as per Accounting Standers and also in income tax
03 August 2010
In both the cases it is a ERF income to be booked in current year as business income.
Regards,
Sandeep Aggarwal
Regards,
Sandeep Aggarwal
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