Foreign-currency income conversion uses the applicable TTBR, with separate specified-date rules for income categories and TDS payments.

Foreign-currency income is converted into Indian rupees using the Telegraphic Transfer Buying Rate applicable on the specified date, which varies according to the nature of income. Foreign-currency income subject to TDS is converted at the rate applicable when tax is required to be deducted, with the last published rate usable where no rate is published that day. The TDS conversion rule applies to specified payments involving assessees outside India and International Financial Services Centre units, while certain business or professional income received or brought into India before the specified date is excepted from the general rule.

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