Global income of resident individual
This query is : Resolved
10 September 2015
Resident Individual deriving income from outside India has to add such income in Indian Income Tax Return and get relief of taxes paid outside India as per DTAA.
Query:
Conversion rate (i.e. foreign currency to Indian currency) of which date to be taken for adding such foreign income into Indian income tax return. Further at what rate taxes paid outside India to be converted into Indian Currency.
Query:
Conversion rate (i.e. foreign currency to Indian currency) of which date to be taken for adding such foreign income into Indian income tax return. Further at what rate taxes paid outside India to be converted into Indian Currency.
10 September 2015
TT buying rate of State Bank of India prevailing on the last day of the previous month in which the income earned has to be considered for conversion. Adopt the same rate for tax paid.
10 September 2015
Thanks Seetharaman
Can you please tell me any provision, notification, or article in DTAA where it is mentioned that TT buying rate to be taken into consideration
Can you please tell me any provision, notification, or article in DTAA where it is mentioned that TT buying rate to be taken into consideration
11 September 2015
Search www.taxguru.in foreign asset and income disclosure.
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