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        Case ID :
        Income Tax

        Foreign Tax Credit (‘FTC’) - Currency conversion using telegraphic transfer buying rate (‘TTBR’)

        30 June, 2016

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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.
                    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.

                          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.


                          Note: It is a system-generated summary and is for quick reference only.
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