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of <h1>Taxation of Foreign Exchange Fluctuations Under Section 43AA: Income or Loss from Currency Changes Explained</h1> Section 43AA of the Income-tax Act, introduced by the Finance Act, 2018, addresses the taxation of foreign exchange fluctuations. Effective from April 1, 2017, it stipulates that any gain or loss due to changes in foreign exchange rates will be considered as income or loss. This is to be calculated according to the income computation and disclosure standards under section 145(2). The provision applies to all foreign currency transactions, including monetary and non-monetary items, translation of foreign operations' financial statements, forward exchange contracts, and foreign currency translation reserves.
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