Presentation of Foreign Deposits on Balance Sheet

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  1. TaxPayer123

    TaxPayer123 Member

    Hi!
    I am an individual tax payer. I have some funds in a US bank checking account regularly disclosed in my ITR in USD. I wish to make a balance sheet for myself (not to be submitted anywhere, but still I'd like it to be in proper order). The value of funds in USD is constant over the years. In the balance sheet:
    1. Should the funds be represented in USD or the equiv. INR?
    2. If they have to be shown in INR, then what's the forex rate to be used? Would it change from year to year?

    Thanks in advance
     
  2. SUNNY NARANG

    SUNNY NARANG Member

    It should be recorded at closing rate of 31st March in balance sheet. Difference will be shown in profit & Loss Account
     
  3. TaxPayer123

    TaxPayer123 Member

    So there would be a profit/loss on the money booked every year, despite the fact that they stay in the account, unchanged?

    Shouldn't the profit/loss be booked only when they were moved out of foreign account for use or transfer to an Indian account?
     
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