In case of DTAA Foreign salary is to be converted in to indian Rs. for which we need SBI TT Buying rate. From where we can get these rate. Is there any website . I searched lot but not found any. so kindly help if any one has?
Also if any one can explain with example it will be helpful to lot of people.
Asked 3 years ago in Income Tax from Dharwad, Karnataka
You can check the same on www.sbi.co.in, foreign exchange related services. or else directly you can call to SBI foreign exchange services helpline, they will help you.
This is not the issue under DTAA . It is covered under Rule 115 of the Income Tax Rules . In the case of the salary the TTBR of the SBI on the last day of the previous month , proceeding the month of accural has to considered for the purpose of computation.
Like for the salary of July month , the TTBR rate of SBI as on 30th june has to considered .
You will get the rates from the SBI Branch primarily the branch dealing the foreign exchange .
CA, New Delhi Area, India
This question is part of banking domain and not income tax, hence I can do much to help. You can reach RBI website which will be giving quotes of Foreign currencey on daily basis.
Even I tried to get SBI TT Buying rates online but I couldn't. I did not get satisfactory answer for my query to SBI. The only option is to contact the branch and get the historical rates.
However, I don't think it will be required to take SBI TT buying rates only. You can take historical data of foreign exchange rates and use them. The margin of error will be negligible. One source for historical data of foreign exchange rates is http://www.oanda.com/currency/historical-rates/