Use only SBI’s TTBR rate in Schedule FA in ITR
Synopsis Indian taxpayers must report foreign assets in their Income Tax Returns for AY 2026-27. Foreign currency amounts require conversion to Indian Rupees using SBI's
Synopsis Indian taxpayers must report foreign assets in their Income Tax Returns for AY 2026-27. Foreign currency amounts require conversion to Indian Rupees using SBI's TTBR exchange rate.
This specific rate is mandated by the Income-tax Rules for accurate reporting. Taxpayers should use the TTBR rate applicable on the relevant date of acquisition
or closing year. Retaining records of the adopted exchange rate is crucial for compliance and avoiding reporting errors.
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