Forex gain & loss

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SUBHASH JAIN (Querist)
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23 August 2011 PLEASE EXPLAIN THAT IF WE AVOID THE FOREX GAIN INCOME FROM P&L , IS IT WILL AS CONCEALED INCOME OR NOT. PLEASE CLEAR MORE.

CA. Anoop Gadia (Expert)
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23 August 2011 Forex gain must be add in IT income it is concealment of income. if you filed your return in time than revise the return.

SUBHASH JAIN (Querist)
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24 August 2011 if there is gain in my Profit and Loss a/c. then should I deduct it from closing stock. what is the right way.

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