Forex rate diff
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2011
To,
All Experts
we have imported matrial against LC on 60 days credit and booked purchase as per the forex rate as per bill of entry, now payment made against LC., but there is difference in forex rate as per bill of entry and actual payment.
Now my question is wheter to show that differecne.
Regards
Girish
All Experts
we have imported matrial against LC on 60 days credit and booked purchase as per the forex rate as per bill of entry, now payment made against LC., but there is difference in forex rate as per bill of entry and actual payment.
Now my question is wheter to show that differecne.
Regards
Girish
RAMESH KUMAR VERMA
(Expert)
29 December 2011
actually, In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession . the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency.
yes, you are right difference will be mandatory due fluctuation in exchange rate of import.
in this case, you mentioned all the entry as per AS-II
FOR MORE INFORMATION LINK IS:
https://www.mca.gov.in/Ministry/notification/pdf/AS_11.pdf
yes, you are right difference will be mandatory due fluctuation in exchange rate of import.
in this case, you mentioned all the entry as per AS-II
FOR MORE INFORMATION LINK IS:
https://www.mca.gov.in/Ministry/notification/pdf/AS_11.pdf
Message likes :
1 times
RAMESH KUMAR VERMA
(Expert)
29 December 2011
THANKYOU IN PARTICIPATE IN CA CLUB INDIA
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
