Section 43a
This query is : Open
23 August 2011
HI,
PLEASE EXPLAIN SECTION 43A IN INCOME TAX ABOUT FOREX GAIN & LOSS FROM EXCHANGE RATE DIFFERENCE.
PLEASE EXPLAIN SECTION 43A IN INCOME TAX ABOUT FOREX GAIN & LOSS FROM EXCHANGE RATE DIFFERENCE.
25 August 2011
According to Sec 43A of Income Tax Act, 1961, the increase or decrease of liability in the form of foreign currency due to fluctuation of foreign exchange will be adjusted in the cost of related asset or capital expenditure. Thus, the gain or loss out of the fluctuation cannot be taken in p& l A/c. Hence, if taken then, it will be disallowed.
25 August 2011
in the trading what should i do
also clear how it will disallowed
also clear how it will disallowed
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