Exchange rate for import
This query is : Resolved
07 January 2013
We have some imported goods. and the question is whether to apply exchange rate as per rate specified by RBI or as per rate specified Bill of entry. Kindly specify the provision and Act if possible.
Thank you
Thank you
08 January 2013
Dear Yeshu,
As per As-11, we have to apply the rate prevailing on the date of transactions, and that rate is rate prescribed by RBI.
The rate of bill of entry is prescribed by CBEC and that is relevant for the purpose of calculating Customs Duty only.
CA Meenakshi Aggarwal
As per As-11, we have to apply the rate prevailing on the date of transactions, and that rate is rate prescribed by RBI.
The rate of bill of entry is prescribed by CBEC and that is relevant for the purpose of calculating Customs Duty only.
CA Meenakshi Aggarwal
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
- SEC 54 OF IT ACT
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Form 26QB for TDS on property
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- RCM - commercial rent paid to URP under GST
- Payable outstanding for years disallowance
- GST Annual Returns filing due date
- Partnership Business Can start India (two partners one is Indian and OCI both are wife and Husband)
- TDS NUMBER SURRENDER
- Appeals vs Writ court -certain doubt
- Withholding tax applicabikity for foreign paymenttowqards physio therapy treatment
- Input credit reversal for the FY2023-24
- Regarding Form 15CA & CB
- 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?
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
