Register Daily Newsletters My Bookmarks My Queries (D. Forum) My Replies (D. Forum) My Articles My Inbox (PM) Feedback/ Suggestions
Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding

   For Sales / Support:
WhatsApp WhatsApp 9911796707
Case Laws Acts Notifications Circulars Classification Forms Manuals Articles News D. Forum Highlights Notes
Income Tax Bill, 2025     TaxTMI    TMI - e-Newsletter     TaxTMI    Finance Ministry Revises AIDC Rates: Bourbon...     TaxTMI    Private Companies Get Extended Deadline Until June...     TaxTMI    Partnership Firm Wins Appeal Delay Condonation...     TaxTMI    Tax Department Must Share Documents Requested by...     TaxTMI    Input Tax Credit Denied: Taxpayers Failed to Prove...     TaxTMI    Input Tax Credit Utilization From Different GST...     TaxTMI    DGFT Makes Electronic Certificates of Origin...     TaxTMI    Central Government Sets Phased Implementation Dates...     TaxTMI    RBI Revises Payment Rules Between ACU Member...     TaxTMI    Stock Exchanges Must Take Full Responsibility for...     TaxTMI    SEBI Makes Intermediaries Fully Liable for AI...     TaxTMI    New Income Tax Bill Proposes Single Tax Year...     TaxTMI    Assessment Order Under Section 73 of GST Act...     TaxTMI    Revenue Appeals Below Rs. 2 Crores Must Be...     TaxTMI    Legal Heirs Must Pay Compensation in Cheque Bounce...     TaxTMI    Latest Case-Laws     TaxTMI    Latest Notifications + Circulars     TaxTMI    GST Council Decisions     TaxTMI       Right Stop
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights October 2013 Year 2013 This

Nature of payment (expenses) made to bank for converting rupee ...


Payment for Converting Rupee Loan to Foreign Currency Loan is Revenue; Reduces Interest Rate for Assessee.

October 21, 2013

Case Laws     Income Tax     AT

Nature of payment (expenses) made to bank for converting rupee loan into foreign currency loan - The assessee was benefited as the interest rate was reduced - held as revenue in nature - AT

View Source

 

← Previous Next →

 

You may also like:

  1. TP Adjustment - Interest on loans and advances given to the AEs - Interest rates vary and are thus dependent on the foreign currency in which the repayment is to be made...

  2. TP adjustment of interest - CIT(A) confirmed upward adjustment towards interest by adopting rupee loan rate instead of LIBOR linked rate in respect of foreign currency...

  3. The RBI amended the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019, revising provisions related to mode of payment...

  4. Rate of exchange of one unit of foreign currency equivalent to Indian rupees - Notification

  5. Disallowance of payment u/s 43B - Explanation 3C only prohibits an assessee for recognizing the actual payment of interest by converting its interest into loan or...

  6. Calculation under export obligation - the export proceeds realized in any currency would be converted into USD and the term ‘any currency’ would refer to the foreign...

  7. Depreciation on foreign exchange fluctuation loss - foreign currency term loan availed for purchase of windmill - since the assessee has capitalized and claimed...

  8. HC dismisses revision. Differential amount received by petitioner due to foreign exchange fluctuation constitutes "turnover" under KGST Act. Amount represents...

  9. VRR - A Foreign Portfolio Investor may enter into forward contracts, foreign currency-rupee option contract, cost reduction structures or swaps with Rupee as one of the...

  10. Upward adjustment on account of foreign exchange losses on ECB loan - in the light of fact that the conversion in foreign currency loans which led to impugned loss, were...

  11. Disallowance of interest payment converted into FITL (Funded Interest Term Loans) - the impugned ‘funded interest term loan’ is not a loan transaction but assessee’s...

  12. Confiscation of the currency seized - validity of order for release on payment of redemption fine - The High court found that the seizure and confiscation of foreign...

  13. Demand of service tax on interest - providing metal as loan to the customers - The Revenue is of the opinion that only if the loan is in the form of Indian rupee and...

  14. Real estate development company advanced loans to its Indian subsidiary for funding step-down foreign subsidiaries undertaking real estate projects. Interest paid on...

  15. Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2019

 

Quick Updates:Latest Updates

What's New:
    Latest Case Laws
What's New:
    Latest Notifications
What's New:
    Latest Circulars
F: Participant Questions Legality of Single SCN for Two Years Under Secti...
F: Business Challenges ITC Reversal Due to Supplier's GST Non-Payment, Ci...
F: GST Registration Required for Reverse Charge on Goods Transport Servic...
F: Debate on GST's Applicability to Stamp Duty: Exemption Under SI. No 47...
H: GST Council Clarifies Rates: 5% on Pepper, Tax-Free Raisins, Different...
H: Exim Bank's $120M Credit Line to GO-VNM for High-Speed Guard Boats und...
H: Export-Import Bank's $180M Credit Line for Offshore Patrol Vessels Mus...
H: Gold Bullion Import Quota: New Rules for TRQ Allocation Require Certif...
H: DGFT Sets Import Quotas: 0.8 MT Calcined 1.9 MT Raw Petroleum Coke for...
H: Government Securities Trading Rules Modified Under Section 16 to Contr...
H: Finance Ministry Revises AIDC Rates: Bourbon Whiskey at 50%, Other Alc...
H: Private Companies Get Extended Deadline Until June 30, 2025 For Securi...
A: Section 10AA: Tax Exemptions for Companies in SEZs Boost Export Income...
A: Supreme Court orders insurance company to settle truck fire claim, val...
A: Court Quashes Penalty for Wrong Tax Head Credit Allocation; Electronic...
A: Uttar Pradesh Launches E-HRMS Portal for State Employees: Streamlined ...
A: Retrospective GST Cancellations Risk Halting Business Operations; Cour...
A: Filing Complaints on Misleading Food Labels: Understanding the Process...
A: Telangana High Court Validates Extension of Limitation Period for Show...
A: Global Shift to Ban Harmful Food Additives: Health, Safety, and Enviro...
A: E-commerce operators must pay GST liabilities via cash ledger under Se...
A: Indian Customs Cuts Port Dwell Time with Direct Port Delivery, Faceles...
F: Debate on Time-Barred Appeals Post FORM GST APL-02 Issuance Under Sect...
H: Small Retailer Gets Final Chance to Restore GST Registration by Filing...
H: GST Refund Claim Rejection Invalid: Authority Must Give Reasoned Order...
H: Tax Reassessment Under Section 147 Invalid When No Material Facts Were...
H: Tax Authorities Must Re-examine Trading Results and Form 26AS Discrepa...
H: Taxpayer's Section 10(26AAA) Sikkimese Exemption Claim Remanded for Fr...
H: Property Transaction Additions Under Section 69A Deleted Due to Bankin...
H: Assessment Order Under Section 56(1)(vii) For Rs. 139.67 Crores Quashe...