Tax Treatment and Accounting Treatment of Fixed Purchased From Forign

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Daya (Querist)
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29 November 2021 What would be the Income tax treatment and accounting treatment of Fixed Assets purchased and Gains or loss on purchased of Assets.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 November 2021 Capitalise and charge depreciation on assets. Charge it profit and loss account foreign exchange gains or loss.

Daya

Daya (Querist)
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29 November 2021 Sir ,
i just want to know what will be the effect of in the case of Gains or Loss,
Assets value will be increased in the case of loss and in the case of gain assets value will be decreased.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 November 2021 Asset value will not be disturbed, it will be charged to profit and loss account as foreign exchange gains or less.

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Tax Treatment and Accounting Treatment of Fixed Purchased From Forign

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