Rate of exchange for TDS on foreign currency: telegraphic transfer buying rate of State Bank of India on deduction date. Rule 26 prescribes that for deduction of tax at source on income payable in foreign currency the rate of exchange shall be the telegraphic transfer buying rate of the foreign currency adopted by the State Bank of India, applied on the date tax is required to be deducted. The rule applies to payments to an assessee outside India, to a Unit in an International Financial Services Centre, and by such a Unit to an assessee in India, and includes definitions for key terms.
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.
Rate of exchange for TDS on foreign currency: telegraphic transfer buying rate of State Bank of India on deduction date.
Rule 26 prescribes that for deduction of tax at source on income payable in foreign currency the rate of exchange shall be the telegraphic transfer buying rate of the foreign currency adopted by the State Bank of India, applied on the date tax is required to be deducted. The rule applies to payments to an assessee outside India, to a Unit in an International Financial Services Centre, and by such a Unit to an assessee in India, and includes definitions for key terms.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
