Ammmmendment in rules 26 and 115 of Income Tax rules, 1962. - Income Tax - 1207/CBDT

INSTRUCTION NO. 1207/CBDT Dated : August 24, 1978 Section(s) Referred: Rule 26 and 115 Statute: Income - Tax Act, 1961 Attention is invited to the Income-tax (8th Amendment Rules, 1977) by which rules 26 and 115 of the Income-tax rules, 1962 have been amended. The amended rules prescribe that the rate of exchange for the calculation of the value in rupees of any income payable to the assessee outside India or any income accruing or arising or deemed to be accruing or arising to the assessee in foreign currency shall be at the Telegraphic transfer buying rate of the SBI on the specific dates when the income in question accrues or arises or is deemed to accrue or arise. 2. With a view to avoiding possible difficulties which may be faced by the field officers in obtaining these rates it was decided that the Foreign Tax Division would collect information regarding the T.T. buying rates of the SBI as on the last day of every month and supply this information to all the CsIT. It is proposed to do so on a quarterly basis. 3. The T.T. buying rates of the SBI as on the last day of each month for the period October, 1977 to June 1978.