Exchange rate for foreign income fixed at telegraphic transfer buying rate on accrual dates; monthly rates supplied quarterly.

The amendments require that valuation in rupees of income payable or accruing in foreign currency be calculated at the telegraphic transfer buying rate of the bank on the specific date when the income accrues, arises, or is deemed to accrue or arise; the Foreign Tax Division will collect the bank's T.T. buying rates as of the last day of each month and supply them to Commissioners of Income-tax quarterly.

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