Hello Friends,
We have received a statement showing our tax is withheld, deducted by the US entity.
Say it is $1,
At what value to record this FTC
Statement of Nov.
Amount received in Dec
Thank you,
Roopali
1 Replies
Ajinkya Joshi
(38 Points)
Replied 16 June 2021
For the purpose of conversion of foreign currency to INR Telegraphic Transfer Buying Rate (TTBR) on the last date of the previous month in which tax is deducted or paid in such country
Telegraphic Transfer Buying Rate - Rate adopted by SBI for buying such currency
if tax deducted in November then Rate as on last day of November
Telegraphic Transfer Buying Rate - Rate adopted by SBI for buying such currency
if tax deducted in November then Rate as on last day of November
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