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Income Tax - Highlights / Catch Notes

Home Highlights July 2018 Year 2018 This

Claim of deduction on account of exchange fluctuation loss on ...

Income Tax

July 4, 2018

Claim of deduction on account of exchange fluctuation loss on account of amount received from Head Office in EURO and repaid in EURO on account of differential value in INR - such fluctuation loss is allowable as deduction

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  1. Claim of deduction of credit balance appearing under the head “Settlement Bargain” u/s 80IB - fluctuation of rate of exchange - amount is eligible for deduction u/s 80IB - AT

  2. Claim towards exchange fluctuation loss - for the purpose of depreciation, the cost of asset cannot be reduced or increased due to exchange rate fluctuation - allowed as...

  3. Disallowance being the amount of exchange fluctuation loss provided at the year end on business advance received in foreign exchange - the exchange fluctuation loss...

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  6. Deduction u/s 80HHE - there is no occasion to exclude 90% of the amount attributable to export gains from the foreign exchange rate fluctuation - HC

  7. Market to market loss - loss on account of Exchange rate fluctuation - of outstanding debtors and creditors for sale and purchase of foreign currency - speculative...

  8. Disallowance of foreign exchange fluctuation under the head finance cost - in absence of applicability of section 43A of the Act, loss claimed by the assessee on account...

  9. Allowability of Foreign exchange fluctuation loss u/s 37 - difference between amount given by it as loan to its subsidiary in the USA and the amount realized due to...

  10. Input tax credit on common services - Eligibility of Head Office to avail ITC - in the instant case, it is observed that the common input services received by the...

 

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