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Rule - 128 - Foreign Tax Credit
The credit shall be determined by conversion of the currency of payment of foreign tax at the TTBR (as per Explanation to rule 26 of the Rules) on the last day of the month immediately preceding the month in which such tax has been paid or deducted.
Foreign tax credit conversion uses telegraphic transfer buying rate on the last day of preceding month. Foreign tax credit is determined by converting the currency of the foreign-tax payment at the telegraphic transfer buying rate applicable on the last day of the month immediately preceding the month in which that tax is paid or deducted.
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