about tax treatment of sale-purchase of dollars..
This query is : Open
11 August 2010
if we purchased $1000 at RS. 50000 for going outside india but later on, program is cancelled and we sold the above $1000 at Rs. 49000/52000 then what tax treatment will be done of above profit/ loss....
if sale and purchase of dollars is business of assessee then what treatment will be done..
also clarify me its accounting treatment??
whether is there any diffrence if it is of personal nature / bussiness nature...
plzzz clarify all in detail..and thanx in advance
if sale and purchase of dollars is business of assessee then what treatment will be done..
also clarify me its accounting treatment??
whether is there any diffrence if it is of personal nature / bussiness nature...
plzzz clarify all in detail..and thanx in advance
11 August 2010
It is a ralised gain or loss on account of revenue transaction, is thus fully taxable of tax deductible as the case may be. In books also the loss or gain as the case may be shall be fully chareable or creditable to P& L Account.
Message likes :
1 times
11 August 2010
case 1 > Loss of Rs. 1000/- to be adjusted
Case 2 > Profit of 2000/- taxable
If this exp has been incurred in the ordinary course of business , it will be treated as business loss / gain otherwise it will be treated as personal in nature.
Case 2 > Profit of 2000/- taxable
If this exp has been incurred in the ordinary course of business , it will be treated as business loss / gain otherwise it will be treated as personal in nature.
Message likes :
1 times
11 August 2010
if that transaction is of personal nature then clarify me about taxability????
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Applicability
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
