TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>New Standard for Foreign Currency Transactions in Income Tax: Key Guidelines and Exceptions under Section 43A & Rule 115</h1> Income Computation and Disclosure Standard VI, effective from Assessment Year 2017-18, addresses the treatment of foreign currency transactions for income computation under 'Profits and gains of business or profession' or 'Income from other sources.' It outlines the recognition and conversion of foreign currency transactions, including forward exchange contracts, and specifies how exchange differences should be treated. The standard mandates using the closing rate for monetary items and the transaction date rate for non-monetary items. It also provides guidelines for translating financial statements of foreign operations and handling forward exchange contracts, with exceptions subject to section 43A of the Income-tax Act or Rule 115 of the Income-tax Rules, 1962.
TaxTMI 
TaxTMI 
