Dear Sir,
Mr. A had purchased Euro travel currency card in October 2008 and that expired in October 2013. Mr. A surrendered the card to bank. The amount after conversion to Indian currency was credited to Mr. A’s account greater by approximately 14000 rupees due to currency conversion. Now, is this Rs.14000.00 shall have to be reported and included in income statement for tax purpose and if so then what would be the rate of tax on this rupees 14000.00 and under what source of income it should included. Kindly guide me. Thanks.
CAclubindia
