Income in foreign currency
This query is : Resolved
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?
20 June 2016
you can reveal it in USD only.
21 June 2016
But we can not take income in USD in ITR to be filed in India
21 June 2016
this is exempt income. you can show it there
23 June 2016
Not exempt income for a resident citizen.
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.
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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