Regarding foreign exchange gain
This query is : Resolved
23 September 2010
We have received the advance against export from one of our offshore client.It will be adjusted in coming years with invoices raised. Whether we need to convert this at closing rate also,
Whether gain arising on this will be taxable and whether it is allowable u/s 10B
Whether gain arising on this will be taxable and whether it is allowable u/s 10B
23 September 2010
Yes these are classifiable under monetary assets as specified in the relevant AS-11.
HENCE COMMAND A CONVERSION AS ON YEAR END.
YES WOULD BE TAXABLE OR ALLOWED
HENCE COMMAND A CONVERSION AS ON YEAR END.
YES WOULD BE TAXABLE OR ALLOWED
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
