Payment of Import Purchase
This query is : Resolved
12 August 2021
My client has Import Purchases from England and the purchase bill is in Pound currency. I have entered Purchase in INR as per Bill of Entry from Customs.
We have paid Rs. 9,75,000 (lumpsum pounds) to England supplier and the Purchase is Rs.10,00,000 as BOE. Therefore how to adjust this diference of 25,000(10lakhs - 975,000) ?
pl guide.
We have paid Rs. 9,75,000 (lumpsum pounds) to England supplier and the Purchase is Rs.10,00,000 as BOE. Therefore how to adjust this diference of 25,000(10lakhs - 975,000) ?
pl guide.
13 August 2021
No need for any adjustments, account what is paid for supply.
BOE value is for customs duty purpose only.
BOE value is for customs duty purpose only.
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13 August 2021
Dear Seetaramji,
When i make payment to supplier I Debit d England party Rs.9,75,000.
In Purchase entry .... I Credit the England party for Rs.10,00,000. so there is difference of 25000 Dr balance in ledger of England supplier. We have paid in full and the balance should be Nil, how to adjust Rs.25k.
When i make payment to supplier I Debit d England party Rs.9,75,000.
In Purchase entry .... I Credit the England party for Rs.10,00,000. so there is difference of 25000 Dr balance in ledger of England supplier. We have paid in full and the balance should be Nil, how to adjust Rs.25k.
13 August 2021
Adjest in foreign exchange gain/loss A/c. in Profit & Loss A/c. It is allowed as per Income tax Act as well.
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13 August 2021
Credit purchase account for 25000 and debit England party.
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19 August 2021
Seetaji if I Cr Puurchase then Purchases will get reduced, right?
19 August 2021
Sonalji I have foreign gain, will it be Taxable? Dhanyavaad.
19 August 2021
Yes, you are right.
Yes, forex gain is taxable.
Yes, forex gain is taxable.
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20 August 2021
Yes. Forex gain is taxable. You can claim forex loss if any.
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