it assessee purchase of foreign remittance pay rs:150,345/- through on bank account for the purpose of foreign shares investment (usa).if share transaction accounting statement $1500/- show in as on dt:31-03-21.
question:
1.accounting entry passed procedure
2.how the calculation procedure foreign shares value .
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Foreign shares accounting and shares value
Replies (1)
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Initial Entry: Record the share purchase at the exchange rate on the transaction date.
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Valuation: Shares are non-monetary items; keep them at historical cost in your books. Do not revalue them for currency changes at year-end.
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Tax Compliance: When reporting for tax purposes, use the TT buying rate for currency conversion as specified by Income Tax guidelines for the relevant period. Always maintain records of the specific exchange rates used for every transaction for audit purposes.
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