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of <h1>New Section 43AA in Income-tax Act: Tax Rules on Foreign Exchange Fluctuations from April 1, 2017</h1> Section 43AA is introduced to the Income-tax Act to address taxation of foreign exchange fluctuations, effective from April 1, 2017. It stipulates that any gain or loss from changes in foreign exchange rates is to be treated as income or loss, calculated according to income computation and disclosure standards under section 145(2). This applies to all foreign currency transactions, including monetary and non-monetary items, translation of financial statements of foreign operations, forward exchange contracts, and foreign currency translation reserves. The amendment is applicable from the assessment year 2017-2018 onwards.
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