A company is required to disclose break-up of all payments and receipts during the year, in foreign currency, as per Schedule FD of ITR-6 (if it is not required to get the accounts audited u/s 44AB). Please clarify whether only the receipts/payments related to Business Operations in India.
FAQs in respect of filling-up of the Income-tax return forms for Assessment Year 2022-23
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Break-up of foreign currency receipts/payments must be reported only for domestic business operations under Schedule FD. A company must report the break-up of foreign currency payments and receipts in Schedule FD only for transactions relating to business operations in India; only receipts and payments connected to domestic business activities are required to be disclosed under that Schedule.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Break-up of foreign currency receipts/payments must be reported only for domestic business operations under Schedule FD.
A company must report the break-up of foreign currency payments and receipts in Schedule FD only for transactions relating to business operations in India; only receipts and payments connected to domestic business activities are required to be disclosed under that Schedule.
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