banner_ad

PGBP ADJUSTMENT

CA Final 521 views 5 replies
profit of rupees 3 lakh from hedging contract entered into for meeting out the loss in foreign currency payment towards an imported machinery purchase from Germany for rupees 90 lakhs
how to deal this adjustment as per icds

the profit is already credit in p&l account.
Replies (5)
Gain shall be allowed as deduction on pro-rata basis..
what is prorata basis
if the hedging contract is settled after 31st March then it will b credited on pro-rata basis of months..
if contract entered and settled in same financial year, whole amount shall get credited to Profit and loss AC of the relevant F.Y.
in may 2017 direct tax paper...ca final...such profit is not allowed as deduction and its is add back...as per sec 43(1) and 43A........it should be adjusted in cost of assets...and not in p&l
are u sure ...this may 2017 exam paper adjust is not correct


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Topics
Loading
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details