Sdp 22 (CA) (80 Points)
15 March 2013If Mr. A is a resident in India for AY 2013-14, then, i need to know as to what rate of conversion needs to be used for salary earned in USD ($) in the month of April, MAy and June and for Tax paid therein. I need this for the purpose of calculating the tax payable for AY 13-14 and for deducting the tax paid in US thereon. Are there any other tax benefits available?
CA. Umang Sangal
(C.A )
(83 Points)
Replied 15 March 2013
Dear
As you stated, Mr A is resident in India in A.y 13-14, so income earned outside india shall be taxable in India. Rate of conversion should be taken, the rate prevailed ,on the day of crediting salary in his account.
Sdp 22
(CA)
(80 Points)
Replied 15 March 2013
thanks :). Could u also tell me as to what rate of conversion to use for the Tax paid in USD?
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7024 Points)
Replied 11 April 2013
You need to take the TT buying rate of the last day of the month immediately preceding the month in which the salary is due, or is paid in advance or in arrears.
Anuj
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