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of <h1>Foreign Tax Credits Converted Using TTBR u/r 128 of Income-tax Rules for Consistent Credit Calculation.</h1> Rule 128 of the Income-tax Rules, 1962, addresses the conversion of foreign tax credits (FTC) into local currency using the telegraphic transfer buying rate (TTBR). The conversion rate is based on the TTBR as defined in rule 26, applicable on the last day of the month before the foreign tax payment or deduction. This guideline ensures consistency in how foreign tax payments are converted for credit purposes under the Income Tax Act.
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