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of <h1>Amendments to Income Tax Rules: Foreign Income Valued Using SBI Telegraphic Transfer Rate for Accurate Conversion.</h1> The circular addresses amendments to rules 26 and 115 of the Income Tax Rules, 1962, as per the Income-tax (8th Amendment Rules, 1977). These amendments specify that the exchange rate for calculating the value in rupees of income payable outside India or accruing in foreign currency will be based on the State Bank of India's Telegraphic Transfer buying rate on relevant dates. To assist field officers, the Foreign Tax Division will gather and distribute these rates quarterly to all Commissioners of Income Tax. The document also references the rates from October 1977 to June 1978.
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