Foreign Exchange Gain & Loss
This query is : Resolved
29 September 2008
Last year there has certain amounts in a account shows debit balance in Balance sheet which was foreing exchange loss and the same has been not claimed in P & L. the annual return has been filed. Now what should the treatment in current year for that Account. what are the ways to resolve the same.
29 September 2008
Write off in CY
30 September 2008
These will amount to prior period expenses and may get disallowed in IT assessments. Therefore although you may be writing them off during the current yesr, it may be advisable to file revised return to claim them in the year of incurrence.
03 October 2008
Last year there has certain amounts in a account shows debit balance in Balance sheet which was foreing exchange loss and the same has been not claimed in P & L. the annual return has been filed. Now what should the treatment in current year for that Account. what are the ways to resolve the same.
I can not revised my last year return bcoz due to revise the return my P&L Ratio has been demaged. so are the other ways. I want to treat it in current year.
1. Should I Write off in my capital A/c. (Person is Proprietorship)
2. Should I move to P & L.
3. or any other way. Please Guide Me.
I can not revised my last year return bcoz due to revise the return my P&L Ratio has been demaged. so are the other ways. I want to treat it in current year.
1. Should I Write off in my capital A/c. (Person is Proprietorship)
2. Should I move to P & L.
3. or any other way. Please Guide Me.
06 October 2008
1. By writing off in capital account you wiil be loosing tax benefit.
2. You can, but tax benefit may be lost.
3. There is no other way.
2. You can, but tax benefit may be lost.
3. There is no other way.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- NRI starting business in India
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Resigning a auditor from the company for misconduct
- Capital gain on sale and purchase of plot
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- FCRA 6 E- Intimation
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
