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Insertion of new section 43AA- Taxation of foreign exchange fluctuation

Clause 13 - Bills - DIRECT TAXES - Income-tax - FINANCE BILL, 2018 - Clause 13 - 13. Insertion of new section 43AA. After section 43A of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect .....

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the case may be, and such gain or loss shall be computed in accordance with the income computation and disclosure standards notified under sub-section (2) of section 145. (2) For the purposes of sub-section (1), gain or loss arising on account of th .....

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ard exchange contracts; (iv) foreign currency translation reserves. . Clause 13 of the Bill seeks to insert a new section 43AA in the Income-tax Act relating to taxation of foreign exchange fluctuation. The proposed new section provides that, subject .....

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