Forex Loss
This query is : Resolved
27 April 2011
Dear's
If Forex Loss due to purchase of machinery from USA.
Pls. Give A Entry and above loss can a take a part of capitailisation.
Kindly Advice To Me.
------
Thanks
Arun
If Forex Loss due to purchase of machinery from USA.
Pls. Give A Entry and above loss can a take a part of capitailisation.
Kindly Advice To Me.
------
Thanks
Arun
CA. Naveen Bhat
(Expert)
27 April 2011
First of all whether the loss is due to repayment of loan in foreign currency. If yes, then as per AS-11 the same needs to be charged to P&L. However, there is a difference of opinion on the same. As per Sch VI the same needs to be capitalised.
Hence if the amount is not material you can charged off the same.
Hence if the amount is not material you can charged off the same.
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
- Ito add credit side of bank
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Employee secondment
- GSTR9 Annual Return
- Reward for festival
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Capital gain on commercial property and investment in residential property
- Form 144 TDS Return Validation error
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- RCM and same line
- Upload Level ValidationITR3Category of Defect B/D
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- MSME Payment Sec.43B (h)
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
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
