Taxation of foreign exchange fluctuation: exchange gains and losses treated as income or loss under prescribed ICDS rules. Gains or losses from changes in foreign exchange rates are to be treated as income or loss and must be computed in accordance with the income computation ... Summary
Taxation of foreign exchange fluctuation: exchange gains and losses treated as income or loss under prescribed ICDS rules.
Gains or losses from changes in foreign exchange rates are to be treated as income or loss and must be computed in accordance with the income computation and disclosure standards; this 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, subject to interaction with other special valuation provisions.
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