1. what will be the conversion rate of EURO into rupees for the purpose of filing into form 15CB
2. whether surcharge and education cess is to be mentioned on form 15CB while mentioning rate of TDS in form 15CB
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Replies (10)
i am talking about form 15CB of income tax act (certificate from Chartered Accountant for foreighn Payments)
I think the rate will be on the date when you are going to remit the payment to the exporter and the certificate from Chartered Accountant should mention the with holding tax rate applicable if not covered by DTAA along with Surcharge abd Cess
The amount (currency x rate) mentioned in Form 15CB will be at the same rate at which the transaction is being booked in the books.
Surcharge and Education Cess are not applicable and hence need not be mentioned in the form 15CB..
my question is that from where i take conversion rate whether its tt buying rate or something else
According to me conversion rate should be taken from RBI website
| Originally posted by : Shudhanshu | ||
 |
According to me conversion rate should be taken from RBI website |  |
correct statement
Dear Vipin,
Answer to ur query lies in Rule 26 which is produced as follows:-
Rate of exchange for the purpose of deduction of tax at source on income payable in foreign currency.
For the purpose of deduction of tax at source on any income payable in foreign currency, the rate of exchange for the calculation of the value in rupees of such income payable to an assessee outside India shall be the telegraphic transfer buying rate of such currency as on the date on which the tax is required to be deducted at source under the provisions of Chapter XVIIB by the person responsible for paying such income.
Explanation : For the purposes of this rule, “telegraphic transfer buying rate”, in relation to a foreign currency, means 77[the rate or rates of exchange] adopted by the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), for buying such currency 78[, having regard to the guidelines specified from time to time by the Reserve Bank of India for buying such currency,] where such currency is made available to that bank through a telegraphic transfer.]
For all practicle purposes, average rate quoting that specific date is taken . For this, you may take average rate from fxstreet.com.
R. A. Tiwari
Amir is right, You are suppose to take the SBI Rate (Selling rate not buying rate.. i can elaborate if req.) however this rate is difficult to get..
Practically we take the rate from www.fxstreet.com or www.xe.com (these two are reliable sites) and book the transaction. I dont see the need to take the average rate as the rule requires computation based on rate prevalent on the date of deduction of TDS
I also mean the average rate of that specific date of transaction.
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