INR exchange rate while filing ITR to report foreign assets: Use this reference rate to convert foreign currency into INR as prescribed under income tax rules

Indian taxpayers must report foreign assets in their Income Tax Returns for AY 2026-27. Foreign currency amounts require conversion to Indian Rupees using SBI's TTBR exchange rate. This specific rate is mandated by the Income-tax Rules for accurate reporting. Taxpayers should use the TTBR rate applicable on the relevant date of acquisition or closing year. Retaining records of the adopted exchange rate is crucial for compliance and avoiding reporting errors.

from Tax-Wealth-Economic Times https://ift.tt/13MJ4dX