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        Case ID :
        Income Tax

        How are foreign exchange differences to be recognized.

        30 August, 2017

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        Manual - ICDS VI : Effects of Changes in Foreign Exchange Rates

        In case of monetary items (money held and assets receivable or liabilities payable in fixed/ determinate amounts of money), exchange differences arising on settlement/ on last day of the year are to be recognized as income or expense in that financial year. In case of non- monetary items, exchange differences arising on conversion on last day of the year is not to be recorded as income or expense of that financial year.

         

        Foreign exchange differences: monetary item gains and losses recognised as income or expense, non-monetary conversion differences excluded. Exchange differences on monetary items (cash and assets or liabilities receivable or payable in fixed or determinate amounts of money) arising on settlement or on the last day of the financial year must be recognised as income or expense of that year. Exchange differences on non-monetary items arising on conversion at the last day of the year are not to be recorded as income or expense for that year.
                        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.

                              Foreign exchange differences: monetary item gains and losses recognised as income or expense, non-monetary conversion differences excluded.

                              Exchange differences on monetary items (cash and assets or liabilities receivable or payable in fixed or determinate amounts of money) arising on settlement or on the last day of the financial year must be recognised as income or expense of that year. Exchange differences on non-monetary items arising on conversion at the last day of the year are not to be recorded as income or expense for that year.


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