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Treatment of fluctuation in exchange rate

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 September 2012 Dear Member,

Our company made outward remittance of US$ 10,000 net of TDS @ 10%. However, the transaction could not be completed on same day, when initiated.

Form 15 CB was provided with different rate while the actual remittance took place after couple of days with different amount.

Wish to know how to carry out the accouting entry and its impact on TDS.
No accounting entry has been passed yet.

Thanks
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Amol S Joglekar

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Amol S Joglekar (Expert)
05 September 2012 TDS as calculated by you as on a date is absolutely correct. No need to change it. What is important is not the rate but the INRs shelled out and INRs booked in your accounts by way of BILL/INVOICE. The additional amount of INRs shelled out shall go to fluctuation loss. Lesser amount of INRs shelled out shall find its place in Fluctuation gain.
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