online forex strategy conversion

Proof at the time of scrutiny: It is important for assessee to keep the records of payment of foreign liability, calculation of realized loss or gain which is added or reduced from actual cost of fixed asset for depreciation purpose to prove income tax department at the. 16.A revenue receipt is taxable as income unless it is expressly exempt under the Act. 1954-55 in the.Y. The assessee in that case acquired certain depreciable assets using foreign currency loans, and adjusted the foreign exchange fluctuation with the cost of the asset.

Further the benefit/gain arising on valuation of loan is also available to company in cash and therefore benefit if any arising upon is not regarded as benefit or perquisite within the meaning of section 28 (iv). The Supreme Court made following observations: Whether the loss suffered by the assessee was a trading loss or not would depend on the answer to the question, whether the loss was in respect of a trading asset or a capital asset. A currency converter can help international travelers do research on the price of goods and services abroad, helping cost-conscious tourists figure out how much their money forexgang instagram is worth when they're traveling abroad. The section clearly specifies the amount which can be deducted from the WDV which includes the money payable in respect of assets under different circumstances but it nowhere specifies that gain accrued on valuation of Foreign Currency Loan at the balance sheet date should. Explanation.Where the assessee has entered into a contract with an authorised dealer as defined in section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999 for providing him with a specified sum in a foreign currency on or after a stipulated future. 11 lacs in the process of conversion on account of appreciation of Indian Rupee qua Pakistani Rupee. The reference can also be had to the Delhi High Court judgment wherein it expressed the same view in case of Ravinder Singh V CIT (1994) 205 ITR 353. One should however bear in mind that if in a subsequent year the tax authorities deny depreciation on the capitalised loss relying on the decision of Supreme Court in tisco (supra) then in such an eventuality taxpayers may find it difficult to revisit the earlier. The said transaction was clearly on capital account as per law laid down by Honble Supreme Court in the case of Sutlej Cotton Mills Ltd. At the time of remittance, the rate of exchange was changed to 100 Pakistani rupee being equivalent to 100 Indian Rupees and therefore the assessee received. Such a traveler would need to exchange.S.

online forex strategy conversion