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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Exchange rates for foreign incomes
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Please Read Rule 115 of Inccoime Tax Rule 1962 :-
https://incometaxindia.gov.in/Rules/Income-Tax%20Rules/103120000000007546.htm
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 |
In the return you can claim deduction for the taxes deducted in Hongkong
Thanks guys.
Section 115 doesn't cover interest from savings account?
What if the interest is received on a monthly basis instead of at year end?
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