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Exchange rates for foreign incomes

Sai Manikanta Vadrevu (Senior Tax - US Individual Taxation) (70 Points)

06 July 2016

I have income from HongKong. As I;m resident of India what is the conversion rate for HongKong to India. Also I have paid taxes for the income earned in HK, how to take credit of that.. ?

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4 Replies

Ankit Patel (Consultant) (186 Points)
Replied 07 July 2016

Please Read Rule 115 of Inccoime Tax Rule 1962 :-

https://incometaxindia.gov.in/Rules/Income-Tax%20Rules/103120000000007546.htm

Pattabhi Ramarao Mothadugu (Working) (44 Points)
Replied 07 July 2016

Conversion rate

	Is telegraphic transfer buying rate on the specified date
Head of income	Specified date is last day of the
Salaries	month immediately preceding the month in which the salary is due, or is paid in advance or in arrears
interest on securities	month immediately preceding the month in which the income is due
Income from house property	previous year of the assessee;
Profits and gains of business or profession	previous year of the assessee;
Income from other sources	previous year of the assessee;
dividends	month immediately preceding the month in which the dividend is declared, distributed or paid by the company
Capital gains	month immediately preceding the month in which the capital asset is transferred