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of <h1>Income Tax Bill 2025: Clause 43 Standardizes Tax on Foreign Exchange Fluctuations, Aligns with Modern Accounting Practices</h1> Clause 43 of the Income Tax Bill, 2025, addresses the taxation of foreign exchange fluctuations, aiming to standardize the treatment of gains or losses from such transactions for tax purposes. It aligns with modern accounting practices and international standards, ensuring clear reporting frameworks for taxpayers. The clause covers various foreign currency transactions, including monetary and non-monetary items, financial statement translations, forward exchange contracts, and currency translation reserves. It mirrors Section 43AA of the Income-tax Act, 1961, with updates to reflect advancements in accounting standards, ensuring a smooth transition for taxpayers to the new regime.
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