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How can I file adsense incomes and expenses in USD and INR mixedly in return?
Apr
26
2011
Hi Amit,
I have read your blog posts and how you recommend treatment of adsense in accounting.
I have a question though. It is said to show your hosting , SEO and other services as expenses . But mostly these payments are made in USD and the vendor mostly do not give an invoice in INR
How does one account such expenses. Please guide
Answer #2
So you imply a invoice in USD will be okay ?
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Answer #3
Yes but convert the USD to INR at the transaction date rate and calculate total for filing return.
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Answer #4
When you get a USD payment, the bank would do the conversion and credit the remittance to your account. This could be considered under the receipts along with the Indian Rupees Payments.
Next the accountant has to list all the expenses against it and then file the returns.
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Answer #5
Hi Amit,
Just to add to what you said … do i also need an “IE” code for inward foreign remittances ? basically for being paid in USD …
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Answer #1
Just convert the amounts simply to INR by the currency conversion rate that was for the transaction date.
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