Revised rates of exchange.

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....he Income-tax Officers for the purposes of rule 115 of the Income-tax Rules, 1962 and section 43A of the Income-tax Act, 1961. Vide its letter F.No.225/93/74-ITA.II, dated 10th September, 1972, the Board communicated the rates of exchange of foreign currencies as on 1st March, 1974. 2. The Board has examined the correctness of Instruction No.374 in so far as it relates to rule 115. On further con....

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....f India for buying such currency through a telegraphic transfer. The amended rule 115 provides that the rate of exchange to be adopted for calculation of the value in rupees of any incomes shall be such rate as prevalent on a specified date. The rule lays down what is the specified date for various types of income. The amended rule 115 would apply to the income which has accrued, arisen or receiv....