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Schedule fsi in itr - 4 (income earned from foreign company)

Kalpesh Mutha (B.com, F.C.A, C.S) (239 Points)

07 February 2017

Hi,

I have earned professional income from a foreign company. They have deducted tds as per DTAA and given me a manual certificate. The TDS deducted is in the foreign currency.

My question is how should i show this TDS under FSI section in ITR? Should i show it in INR? If INR then what conversion rate to be taken

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2 Replies

Abhinav (CA) (397 Points)
Replied 07 February 2017

As regards conversion, it is generally the Telegraphic Transfer Buying Rate (TTBR) of SBI as on date of accrual of income that has to be taken - you can obtain it from any SBI forex branch on payment of a fee per entry.

As regards Schedule FSI, you have to show the amount in INR. What is the exact issue that you're facing?

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Kalpesh Mutha (B.com, F.C.A, C.S) (239 Points)
Replied 07 February 2017

Hi, For example

I have raised my bill for professional fees to a Japanese company @ USD 1000. They have deducted 10% TDS under DTAA and remitted my balance USD 900. I have got the amount credited in my account in INR.

Now while Showing the TDS deducted under DTAA, I should show this USD 100 as INR na? They have given me a manual tax remittance certificate for 10% deduction.