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    ManualsIncome Tax
    What is the taxability of opening balance as on 1st day of April 2016 of Foreign Currency Translatio...
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    Taxability of foreign currency translation reserve: opening FCTR to be included in income unless previously recognised, requiring professional judgment.
    The opening balance of the Foreign Currency Translation Reserve (FCTR) as on 1 April 2016 relating to exchange differences on monetary items for non integral foreign operations shall be recognised in the relevant previous year as income to the extent not previously included in income computation; the correctness of this recognition is debatable and requires appropriate professional judgment because conversion does not create real income and ICDS treatment may not apply to earlier years.
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    Foreign currency liabilities treatment: exchange differences on monetary items hit profit or loss; non monetary differences not taxable or deductible.
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    Exchange difference recognition requires periodic recognition until final settlement, treated as income or expense for monetary items.
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    Foreign exchange differences: monetary item gains and losses recognised as income or expense, non-monetary conversion differences excluded.
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    Foreign currency transaction recording: use transaction-date exchange rate or a stable weekly/monthly average when fluctuations are insignificant.
    Under ICDS VI, a foreign currency transaction must be initially recorded in the reporting currency using the exchange rate on the transaction date; if rates do not fluctuate significantly from actuals, a weekly or monthly average rate may be used instead.
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    If the taxpayer sells a security on the 30th day of April 2017. The interest payment dates are Decem...
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    Accrual basis interest recognition: interest taxed on accrual must be included when computing capital gain from subsequent sale.
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    Interest on compensation taxed as Income from Other Sources when received; accounting standard ICDS does not displace the statute.
    Interest received on compensation or enhanced compensation is taxable in the year of receipt and must be reported under Income from Other Sources, regardless of whether the assessee uses mercantile or cash accounting; where ICDS IV conflicts with the Act the statute prevails.
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      REVIEW OF LEVY OF SOCIAL WELFARE SURCHARGE [SWS] ON VARIOUS ITEMS BY AMENDING NOTIFICATION NO. 11/2018- CUSTOMS DATED 02.02.2018

      2 February, 2022

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      VIII. REVIEW OF LEVY OF SOCIAL WELFARE SURCHARGE [SWS] ON VARIOUS ITEMS BY AMENDING NOTIFICATION NO. 11/2018- CUSTOMS DATED 02.02.2018

      S.No.

      Amendment

      1.

       All goods falling under tariff items 0802 91 00, 0802 92 00 and 0802 99 00 have been exempted from SWS.

      2.

      All goods falling under sub-headings 1509 90 and 1510 90 have been exempted from SWS.

      3.

      All goods falling under tariff items 2515 12 90, 2516 11 00, 2516 12 00 have been exempted from SWS.

      4.

      All goods falling under the sub-headings 5208 39, 5209 31, 5209 32, 5209 39, 5209 49, 5210 39, 5211 31, 5211 32, 5211 39, and 5211 49 have been exempted from SWS.

      5.

      All goods falling under the sub-heading 5407 61 have been exempted from SWS.

      7.

      All goods falling under tariff items 5516 22 00 and 5516 23 00 have been exempted from SWS.

      8.

      All goods falling under tariff item 5802 30 00 have been exempted from SWS.

      9.

      The current SWS exemption has been withdrawn for all goods falling under tariff item 6001 92 00.

      10.

      The current SWS exemption has been withdrawn for all the goods falling under tariff item 6101 20 00; goods falling under sub-heading 6101 30; goods falling under tariff items 6102 10 00 & 6102 20 00; goods falling under sub-heading 6102 30; goods falling under sub-heading 6104 19 (except of wool or fine animal hair or cotton); and goods falling under tariff items 6104 62 00, 6104 63 00.

      11.

      SWS exemption has been withdrawn for all the goods falling under subheadings 6201 30, 6201 40, 6202 30, 6202 40; falling under tariff items 6204 11 00, 6204 13 00; goods falling under sub-heading 6204 19, 6204 31; goods falling under tariff items 6204 32 00 & 6204 33 00; and goods falling under sub-headings 6204 39 & 6204 69.

      12.

      In the heading 6203, the exemption from SWS has been narrowed down to all the goods falling under tariff items 6203 22 00, 6203 23 00; goods falling under sub-heading 6203 29; goods falling under tariff item 6203 41 00; and goods falling under sub-heading 6203 42.

      13.

      SWS exemption has been withdrawn for all the goods falling under Sl. No. 3 [Men’s or boy’s overcoats, car coats, capes, cloaks, anoraks (including ski-jackets), wind-cheaters, wind-jackets and similar articles, knitted or crocheted, other than those of heading 6103, of wool or fine animal hair, falling under tariff item 6101 90 90] and Sl. No.4 [Upholstery fabrics falling under the following headings or sub-headings - 5208 39, 5209 31, 5209 32, 5209 39, 5209 49, 5210 39, 5211 31, 5211 32, 5211 39, 5211 49, 5407 61, 5516 22 00, 5516 23 00, 5802 30 00] of the notification No. 11/2018 – Customs dated 02.02.2018.

       

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      Budget 2022-23 + FINANCE Bill, 2022

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