Foreign Exchange rate Conversion for getting credit of Federal Tax paid in Foreign currency- Foreign Tax Credit u/s.90

Foreign Exchange rate Conversion for getting credit of Federal Tax paid in Foreign currency- Foreign Tax Credit u/s.90 https://www.taxtmi.com/forum/issue?id=120987 Foreign salary income is converted under Rule 115 at the telegraphic transfer buying rate on the last day of the month immediately preceding the month in which salary is paid. Foreign tax credit is converted separately under Rule 128(9) at the telegraphic transfer buying rate on the last day of the month immediately preceding the month in which the foreign tax was deducted or paid, so the two conversions need not use the same exchange rate. en-us Tue, 30 Jun 2026 19:07:55 +0530 Wed, 08 Jul 2026 18:02:59 +0530 TaxTMI RSS Generator Foreign Exchange rate Conversion for getting credit of Federal Tax paid in Foreign currency- Foreign Tax Credit u/s.90 https://www.taxtmi.com/forum/issue?id=120987 Foreign salary income is converted under Rule 115 at the telegraphic transfer buying rate on the last day of the month immediately preceding the month in which salary is paid. Foreign tax credit is converted separately under Rule 128(9) at the telegraphic transfer buying rate on the last day of the month immediately preceding the month in which the foreign tax was deducted or paid, so the two conversions need not use the same exchange rate. Discussion-Forum Income Tax Tue, 30 Jun 2026 19:07:55 +0530 https://www.taxtmi.com/forum/issue?id=120987