Exchange loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 January 2013
Dear Expert,
We booked the Import purchase @ 52 per dollar in the month of April 2012 and now wants to make payment in Jan 2013 and suppose the $ rate is 54, can we book the loss of difference amount even if the payment is made in the same financial year ?
Hope my query is clear to you
Thanks
We booked the Import purchase @ 52 per dollar in the month of April 2012 and now wants to make payment in Jan 2013 and suppose the $ rate is 54, can we book the loss of difference amount even if the payment is made in the same financial year ?
Hope my query is clear to you
Thanks
07 January 2013
Yes. You should. However if the purchase is of a capital goods the loss should be added to the cost of the asset for income tax purpose.
07 January 2013
yes in this case you must book loss in the same F.Y.
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