Foreing Currency Exchange Gains - Income Tax
This query is : Resolved
S. Rajagopalan
(Querist)
11 September 2007
Could someone please explain Income Tax treatment of Gains on foreign currency fluctuation. ITO wants to assess the same as Income from Other sources for a software company enjoying exemption u/s 10B ( STPI registered unit ). We say it is business income and hence exempt from tax for AY 2005-06.Is our stand correct
Regrds
Regrds
13 September 2007
Hello Mr Rajagopalan,
The ITO is correct this is Income from other sources and cannot be termed as business income. This is indirect income and a P/L item.
The ITO is correct this is Income from other sources and cannot be termed as business income. This is indirect income and a P/L item.
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