SBI TT Reference Rates

4394 views

Save Share

Sach

Director

67 Points Posted on 04 June 2024

It seems that Maneesh has stopped maintaining the SBI rate. This was very useful but he must be facing some constraint! Thus one had to look for different sources and finally I found one which you may like to use.

This has been set up by Sahil Gupta and is also available on Github. The best way to go to this is via his blog

https://www.sahil-gupta.in/posts/historical-sbi-forex-rates/

He has links to an excel sheet that has this as well as pdf of the rate circulars since 1st April 2020.

This is one of the best I have found as the Github has a query by date which makes the job super easy. Have a look and let me know your thoughts. Kudos to Sahil. This is free but I think we need to encourage people like Sahil for putting this smart program and to continue to update it! I would suggest making a token payment.

Hope this helps all of you! If you have better options do share

Replies (2)

Quick Summary

The discussion highlights a new, freely available source for SBI TT Reference Rates, maintained by Sahil Gupta on his blog and GitHub, which includes historical data and rate circulars. This resource is particularly useful for its date-query functionality. The thread also clarifies the specific SBI TT buying rates to be used for various tax purposes, such as TDS, foreign income reporting, foreign tax credit, and capital gains, noting that different rules apply depending on the context.

Aashok Kumar Sharma

Finance/Compliance Consultant

77979 Points Posted on 14 August 2025

Navigate to Sahil Gupta’s blog and GitHub archive to fetch specific historical rates you need.
Continue applying the designated reference rate per Rule 26—ensuring compliance and consistency.
If you ever need assistance querying the archive or interpreting specific tax implications, I’m happy to help!

Aashok Kumar Sharma

Finance/Compliance Consultant

77979 Points Posted on 06 November 2026

Correction: the conversion rule depends on the purpose, and Rule 26 is not the general rule.

• Rule 26: TDS on payments in foreign currency. Use the SBI TT buying rate on the date tax is required to be deducted.

• Rule 115: foreign income in the ITR. Use the SBI TT buying rate on the last day of the month preceding the month in which the income is earned or deemed received. For salary, dividend and interest, the "specified date" for each type is set out in Rule 115(2).

• Rule 128: foreign tax credit. Use the TT buying rate on the last day of the month preceding the month in which tax was deducted or paid abroad.

• Schedule FA (peak and closing balances): the commonly used rate is the SBI TT buying rate on the relevant date (31 December closing, peak date). The ITR instructions refer to the TT buying rate.

• Capital gains on foreign shares: Rule 115A applies only to non-residents (first proviso to Sec 48). Residents convert purchase cost and sale value at the respective dates' rates under Rule 115.

• Keep the downloaded SBI rate cards as audit evidence. From tax year 2026-27, the corresponding rules are in the Income-tax Rules, 2026.