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of <h1>Exchange Rate for Tax Deduction on Foreign Income Set by SBI's Telegraphic Transfer Buying Rate</h1> For the deduction of tax at source on income payable in foreign currency, the exchange rate used is the telegraphic transfer buying rate as determined by the State Bank of India. This applies to income payable to an assessee outside India, to a Unit in an International Financial Services Centre, or by such a Unit to an assessee in India. The rate is applicable on the date the tax is required to be deducted. Definitions for 'International Financial Services Centre,' 'telegraphic transfer buying rate,' and 'Unit' are provided, referencing relevant sections of the Special Economic Zones Act, 2005.
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