Part DCA - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head (From Rule 10TI to Rule 10TIC)
Telegraphic transfer buying rate governs foreign currency income valuation for tax deduction at source. The rate of exchange for computing the rupee value of income payable in foreign currency for deduction of tax at source is the telegraphic transfer buying rate of that currency on the date tax is required to be deducted under Chapter XVIIB. The rule applies to payments to an assessee outside India, to a Unit in an International Financial Services Centre, and to a payment by such a Unit to an assessee in India. Telegraphic transfer buying rate means the State Bank of India's rate for buying the foreign currency, having regard to Reserve Bank of India guidelines.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Telegraphic transfer buying rate governs foreign currency income valuation for tax deduction at source.
The rate of exchange for computing the rupee value of income payable in foreign currency for deduction of tax at source is the telegraphic transfer buying rate of that currency on the date tax is required to be deducted under Chapter XVIIB. The rule applies to payments to an assessee outside India, to a Unit in an International Financial Services Centre, and to a payment by such a Unit to an assessee in India. Telegraphic transfer buying rate means the State Bank of India's rate for buying the foreign currency, having regard to Reserve Bank of India guidelines.
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