Conversion rate for overseas salary

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2011 Good Day

Please clarify the following

When a Salary Assessee gets salary abroad for a part of the financial year, at which rate the same should be converted - the prevailing rate on the date of receipt of overseas salary or the last of the relevant financial year

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 July 2011 Salary should be converted at the 'telegraphic transfer buying rate' as on the last day of the month preceeding the month in which salary is due,ie., month to month conversion is required.
TTBR is the exchange rate adopted by SBI for buying such currency.

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