Recording of import of goods
This query is : Resolved
21 January 2016
Dear All,
My Client was import the goods from china.
now, i confuse for the recording the same in books of account,
at which rate of exchange i should record the same?
Should i take exchange rate given in Bill of entry ?
My Client was import the goods from china.
now, i confuse for the recording the same in books of account,
at which rate of exchange i should record the same?
Should i take exchange rate given in Bill of entry ?
23 January 2016
Exchange rate given in bill of entry has nothing to do with accounting.It is for custom duty caluculations.
Take exchange rate as per RBI on date of bill of entry.RBI exchange rate on any day can be obtained from RBI website
Take exchange rate as per RBI on date of bill of entry.RBI exchange rate on any day can be obtained from RBI website
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
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- LC charges in relation to Asset purchased should be Capitalised ?
- Multiple trade mark
- Copyright software
- Transporter Declaration form
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- RULE 86B APPLICABILITY IN QRMP TAX PAYER
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
