Whether Foreign exchange losses on account of foreign currency translation is notional loss by mere book entries or actual loss as per income tax

Whether Foreign exchange losses on account of foreign currency translation is notional loss by mere book entries or actual loss as per income tax https://www.taxtmi.com/news?id=563 Where co-venturer contributions under a production-sharing contract are treated as Cash Call investments rather than loans, foreign currency translation differences arising from translating monetary balances at balance-sheet exchange rates are recognised in profit and loss; clause 3.2 of Appendix C disallowing exchange losses on loans does not apply to cash call contributions, so such translation losses are deductible and translation gains are treated as receipts. en-us Fri, 05 Sep 2008 09:20:28 +0530 Fri, 05 Sep 2008 09:26:00 +0530 TaxTMI RSS Generator Whether Foreign exchange losses on account of foreign currency translation is notional loss by mere book entries or actual loss as per income tax https://www.taxtmi.com/news?id=563 Where co-venturer contributions under a production-sharing contract are treated as Cash Call investments rather than loans, foreign currency translation differences arising from translating monetary balances at balance-sheet exchange rates are recognised in profit and loss; clause 3.2 of Appendix C disallowing exchange losses on loans does not apply to cash call contributions, so such translation losses are deductible and translation gains are treated as receipts. News - Fri, 05 Sep 2008 09:20:28 +0530 https://www.taxtmi.com/news?id=563