10-29-2011, 04:03 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Aikkhilari</i>
<br />[quote]<i>Originally posted by student_of_law</i>
<br />
On conversion part, I still have some doubts. The amount which I have received in my GBP account have not been actually converted into Rupees, I am just reporting the Rupee Equivalent of the amount (with deposit date Open Market FX Rate).
I believe to avail the "Software Export" exemption you donât have to actually convert the proceeds into Rupees. The maintenance of the funds can still be in GBP. Is this assumption correct?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Here Conversion does not mean actual conversion. Rather it is conversion of value of foreign currency into Pak Rupees. By "time of conversion" I mean the point of time conversion rate prevalent at which would be applicable.
At least for the purpose of income tax laws, you are not required to actually convert the currency.
If your declared income is below 1 million, you don't need to file wealth statement u/s 116.
<br />[quote]<i>Originally posted by student_of_law</i>
<br />
On conversion part, I still have some doubts. The amount which I have received in my GBP account have not been actually converted into Rupees, I am just reporting the Rupee Equivalent of the amount (with deposit date Open Market FX Rate).
I believe to avail the "Software Export" exemption you donât have to actually convert the proceeds into Rupees. The maintenance of the funds can still be in GBP. Is this assumption correct?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Here Conversion does not mean actual conversion. Rather it is conversion of value of foreign currency into Pak Rupees. By "time of conversion" I mean the point of time conversion rate prevalent at which would be applicable.
At least for the purpose of income tax laws, you are not required to actually convert the currency.
If your declared income is below 1 million, you don't need to file wealth statement u/s 116.
