TMI BlogSince section 43A is applicable for a foreign currency liability in respect of an asset acquired from a country outside India, then how the exchange difference is recognised in case of a foreign currency liability for purchase of an asset in India.X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy liability for purchase of an asset in India. - ICDS VI : Effects of Changes in Foreign Exchange Rates Income computation and disclosure standards - Income Tax - Manuals - FAQ - Dated:- 30-8-2017 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ICDS VI. Hence, in case of monetary items the gain/loss would be recognised in profit and loss account and in case of non-monetary items, the gain/loss would be neither taxable nor deductible. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|