Note accounting standards

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Accounting Standard – 11 Sr . No . Facts Transaction Accountin g purpose Income Tax purpose Pre-ICDS Post ICDS 1. Loan taken in foreign currency and assets bought from the domestic market Exchange differences due to capital monetary items Capitaliz ed on MTM basis. Non-cognizable for the income-tax purpose, i.e. gain is not taxable, loss is not deductible/ allowable. Allowable as revenue item (i.e. gain taxable & loss deductible) on MTM basis. 2. Forward contract for the above loan transaction Premium on Forward exchange contract Capitaliz ed over the period of contract. Non-cognizable for the income-tax purpose, i.e. gain is not taxable, loss is not deductible/ allowable. Allowable as revenue expenditure over the period of contract. Exchange differences due to forward contract. Capitaliz ed on MTM basis. Non-cognizable for the income-tax purpose, i.e. gain is not taxable, loss is not deductible/ Allowable as revenue item (i.e. gain taxable & loss

Transcript of Note accounting standards

Page 1: Note accounting standards

Accounting Standard – 11

Sr. No.

Facts TransactionAccounting

purposeIncome Tax purpose

Pre-ICDS Post ICDS1. Loan taken in foreign

currency and assets bought from the domestic market

Exchange differences due to capital monetary items

Capitalized on MTM basis.

Non-cognizable for the income-tax purpose, i.e. gain is not taxable, loss is not deductible/ allowable.

Allowable as revenue item (i.e. gain taxable & loss deductible) on MTM basis.

2. Forward contract for the above loan transaction

Premium on Forward exchange contract

Capitalized over the period of contract.

Non-cognizable for the income-tax purpose, i.e. gain is not taxable, loss is not deductible/ allowable.

Allowable as revenue expenditure over the period of contract.

Exchange differences due to forward contract.

Capitalized on MTM basis.

Non-cognizable for the income-tax purpose, i.e. gain is not taxable, loss is not deductible/ allowable.

Allowable as revenue item (i.e. gain taxable & loss deductible) on MTM basis.

4. Capital advances, deposits and long term loans and advances to foreign entities.

Exchange differences on repayment

Charged to P&L on MTM basis.

Non-cognizable for the income-tax purpose, i.e. gain is not taxable, loss is not deductible/ allowable.

Allowable as revenue item (i.e. gain taxable & loss deductible) on MTM basis.


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