Purchase of forgien currency
This query is : Resolved
13 August 2010
how to treat the forgien currency purchased for the tour, where on details are not available for spending Forgien currency?currency perchased within the limits as prescribed under FEMA.
it will be treated as current asset or allowable as expenditure?
it will be treated as current asset or allowable as expenditure?
13 August 2010
If the amount has been spent during the year and there is no balance of currency in hand outstanding as on 31.03 then expenses allowable.
If currency in hand then current asset.
If currency in hand then current asset.
13 August 2010
It can be allowed as expenditure if proof of such expenses are available.
Any balance left, will be cash in hand.
Any balance left, will be cash in hand.
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14 August 2010
how to treat the forgien currency purchased for the tour, where on details are not available for spending Forgien currency?currency perchased within the limits as prescribed under FEMA.
it will be treated as current asset or allowable as expenditure?
it will be treated as current asset or allowable as expenditure?
14 August 2010
Some details of expenses will be need like hotel bill, travelling tickets, and thier like to claim the expenses or atleast some details for claim of expenses even though the same is within the limits of FEMA.
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