PLZ let me Conferm
Treatment of Foregin Exchange on Machinary purchased from outside india
in Co. ACt
in AS
in TAX
Also refer section .
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Treatmeant OF Foreign Exchange
Replies (3)
the rate of exchange is taken at closing rate of the year ended
Dear Akhil
foreign exchange loss/profit is capitalised according to Sch VI of Co Act
According to Accountiing framework that has to be recognised as revenue expenditure as it is not providing any extra benefits.
According to Sec 43A of I Tax it is to be added or subtracted from the cost of the assets.
sir but in this case Co. Act or AS what shall be Prevail both are Oppesite Treatement of FE
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