Have you earned income in foreign exchange ? How do you convert in rupees for accounting for the purpose showing income in your tax return. Similarly , the issue of conversion of foreign exchange to rupees will come up if you are required to deduct tax amount of credit to the accounts of a foreigner who is required to be paid in foreign exchange . How will you convert liability in foreign exchange to rupees and pay the TDS to government. This post is going to explain the rules and law regarding the correct way to convert foreign exchange for the purpose of complying provisions under Income Tax Act.
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