Sai Manikanta Vadrevu (Senior Tax - US Individual Taxation) (70 Points)
06 July 2016I have income from HongKong. As I;m resident of India what is the conversion rate for HongKong to India. Also I have paid taxes for the income earned in HK, how to take credit of that.. ?
Ankit Patel
(Consultant)
(186 Points)
Replied 07 July 2016
Please Read Rule 115 of Inccoime Tax Rule 1962 :-
https://incometaxindia.gov.in/Rules/Income-Tax%20Rules/103120000000007546.htm
Pattabhi Ramarao Mothadugu
(Working)
(44 Points)
Replied 07 July 2016
Conversion rate
| Is telegraphic transfer buying rate on the specified date | |
| Head of income | Specified date is last day of the |
| Salaries | month immediately preceding the month in which the salary is due, or is paid in advance or in arrears |
| interest on securities | month immediately preceding the month in which the income is due |
| Income from house property | previous year of the assessee; |
| Profits and gains of business or profession | previous year of the assessee; |
| Income from other sources | previous year of the assessee; |
| dividends | month immediately preceding the month in which the dividend is declared, distributed or paid by the company |
| Capital gains | month immediately preceding the month in which the capital asset is transferred |
In the return you can claim deduction for the taxes deducted in Hongkong
Sai Manikanta Vadrevu
(Senior Tax - US Individual Taxation)
(70 Points)
Replied 03 August 2016
Thanks guys.
Kuiln
(self)
(30 Points)
Replied 27 July 2023
Section 115 doesn't cover interest from savings account?
What if the interest is received on a monthly basis instead of at year end?
CAclubindia
