…face values of records that are available to the IRB officers are taken as final proof. Any discrepancies between the records and the tax assessment submitted will be reflected with adjustment to the tax amount. According to Section 82 of the Income Tax Act, 1967, taxpayers are required to keep accounting records for at least 7 years. In fact, it is prudent not to dispose of any old records, even after 7 years. There are many instances where IRB …

In Forex, foreign exchange, generally there are such transactions: spot foreign exchange transactions, Forward transactions, Foreign currency futures trading, Foreign exchange trading. Below we will exchange transactions on the concept of several ways of understanding, in the next section, we will also be the transaction detail introduction. Spot foreign exchange transactions: also called cash transaction or current transaction, refers to the for…