Foreign debtors
This query is : Resolved
29 March 2013
I have foreign debtors & creditors on 31st march i just want to ask that whether unrealised foreign exchange loss or gain on balances of debtors & creditors are taxable under income tax act.
22 May 2013
How debtors are taxable I have failed to understand. As soon as you have booked sales the profit or loss is booked. As per norms of RBI the foreign debtors must me realised within 6 months and foreign currency must be brought in India otherwise there will action from DRi
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