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

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