Exchange Rate for Foreign Income for Tax purposes

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  1. Garima_05

    Garima_05 New Member

    By what exchange rate do we convert income earned outside India, by a reisdent Individual
     
  2. V K Khanna

    V K Khanna Active Member

    Telegraphic transfer buying rate in relation to conversion of foreign currency as notified by the State Bank of India, is adopted for the purpose of conversion of income earned outside India by a Resident Individual

    If the income is earned by way of salary- then the rate as applicable on the last working day of the month preceeding the month in which the salary is paid or due would apply.

    These rates can be obtained from the SBI Branch dealing with foreign Exchange transactions, on payment of certain service charge

    I have obtained TTB rate of US$ into INR for the following months from SBI New Delhi a couple of days back which I would be glad to share with my fellow members:-

    Date Currency TT Buying Rate (INR)

    28.11.2014 US$. 61.50
    31.12.2014 US$ 62.95
    30.01.2015 US$ 61.41
    27.02.2015 US$ 61.40
     
    gaurav_kumar likes this.
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