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of <h1>New Income-tax Rule 26: Exchange Rate for Tax Deduction on Foreign Currency Income Set by SBI Telegraphic Transfer Rate.</h1> The Income-tax (Seventeenth Amendment) Rules, 2023, effective from its publication date, amends the Income-tax Rules, 1962, specifically replacing Rule 26. The new rule specifies the rate of exchange for tax deduction at source on income payable in foreign currency. It applies to income payable to an assessee outside India, to or from a Unit in an International Financial Services Centre, using the telegraphic transfer buying rate as determined by the State Bank of India. Definitions for 'International Financial Services Centre,' 'telegraphic transfer buying rate,' and 'Unit' are provided as per the Special Economic Zones Act, 2005.
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