Rate of exchange for the purpose of deduction of tax at source on income payable in foreign currency [ Rule 26 of Income Tax Rule]

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..... Rules ] With Effect From 17.08.2023 For the purpose of deduction of tax at source on any income payable in foreign currency , the rate of exchange for the calculation of the value in rupees of such income payable - (i) to an assessee outside India; (ii) to a Unit located in an International Financial Services Centre; (iii) by a Unit located in an International Financial Services Centre to an asses .....

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..... by the person responsible for paying such income. Explanation : For the purposes of this rule, telegraphic transfer buying rate, in relation to a foreign currency, means the rate or rates of exchange adopted by the State Bank of India constituted under the State Bank of India Act, 1955, for buying such currency, having regard to the guidelines specified from time to time by the Reserve Bank of In .....

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