Income in foreign currency

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Sanjeev Agarwal (Querist)
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20 June 2016 A person who is Merchant Navy Officer earns his Income in USD. Some income he repatriates in India and other he spends outside only. His total Salary as per Salary Certificate is more than the amount repatriated to India.The amount which he has repatriated to India are taken at amount credited to the Bank Account in Rupees. Now his Salary which he has not repatriated to India but spend outside only should be taken at which USD-Rupee conversion rate?

Amol S Joglekar

Amol S Joglekar (Expert)
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20 June 2016 you can reveal it in USD only.

Sanjeev Agarwal

Sanjeev Agarwal (Querist)
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21 June 2016 But we can not take income in USD in ITR to be filed in India

Amol S Joglekar

Amol S Joglekar (Expert)
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21 June 2016 this is exempt income. you can show it there

Sanjeev Agarwal

Sanjeev Agarwal (Querist)
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23 June 2016 Not exempt income for a resident citizen.

Amol S Joglekar

Amol S Joglekar (Expert)
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25 June 2016 Thank you for clarifying the residential status at such an early stage. Thanks once again.
The date of salary is crucial under such a situation... (I suppose in merchant navy, the salary is normally paid monthly..... in some case it is paid at the end of contract)
The SBI TT rate (TT means Telegraphic Transfer ) Or LIBOR (London Inter Bank rate) be used for converting the same into INR. The rate is availabe on SBI site.

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