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Exchange rates for dtaa purposes

Madhavi Rajesh C (Partner Madhavi Rajesh & Assoc.) (68 Points)

08 August 2016

Suggest me website for Exchange Rates as per Rule 115 read with rule 26 for the purpose of caculation of Income under DTAA.

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suresh (proprietor) (425 Points)
Replied 08 August 2016

Madhavi, if you go through the explaination to Rule 26 the exchange rate acceptable for the relevant section is the exchange rate adopted by state bank of india having regads to the guidelines laid down by RBI from time to time.So you should followo the exchange rate given by SBI/ RBi for particular currency. Explanation : For the purposes of this rule, "telegraphic transfer buying rate", in relation to a foreign currency, means 46[the rate or rates of exchange] adopted by the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), for buying such currency 47[, having regard to the guidelines specified from time to time by the Reserve Bank of India for buying such currency,] where such currency is made available to that bank through a telegraphic transfer.]