Chargeability of Forward Contract Profits / Losses
This query is : Resolved
24 June 2008
If a trading / manufacturing company has entered into a forward currency contract for realising sales revenue from the bankers, the profit / loss generated from such transactions and how to treat such income or loss either under the head "Business Income" or "Income from Speculation Business"
24 June 2008
shud not come under speculation if you will receive delivery of foreign currency at the end of the contract. the loss/gain simply shud be exchange gain/loss and debited/credited to P&L.
16 June 2023
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