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

 

 

Dated: 30-6-2016

 

  1. 54/2016 - Dated: 27-6-2016 - Income Tax - Foreign Tax Credit - Income-tax (18th Amendment) Rules, 2016
  1. Section 91 - Countries with which no agreement exists - Income-tax Act, 1961
  2. Section 90A - Adoption by Central Government of agreements between specified associations for double taxation relief - Income-tax Act, 1961
  3. Section 90 - Agreement with foreign countries or specified territories - Income-tax Act, 1961
  4. Rule 128 - Foreign Tax Credit - Income-tax Rules, 1962
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