The CBDT issued Notification No. 64/2023 dated August 17, 2023, wherein it substituted Rule 26 of the Income Tax Rules, 1962 (“the IT Rules”). Rule 26 pertains to the determination of the exchange rate for the purpose of calculating Tax Deducted at Source (“TDS”) on income that is payable in foreign currency.
The amendment stipulates that the exchange rate to be used for calculating TDS on any income payable in foreign currency, specifically for a Unit located in the International Financial Services Centre (“IFSC”), will be the telegraphic transfer buying rate applicable on the date when the tax deduction is mandated.
The Notification can be accessed at: https://egazette.gov.in/WriteReadData/2023/248156.pdf
_________________________________________________________________________________
 |
|
🥳 Celebrate Independence Day with Our Exclusive Offer! 🔥 Limited-Time Offer: Grab a Special Deal on our Comprehensive GST Courses! 1️⃣ “GST Input Tax Credit (ITC)” 📚📹 2️⃣ “Scrutiny Notices, Assessment, Audit, Inspection, Search, Seizure and Arrest under GST” 📊📹 👨🏻🏫 Led by Renowned Adv (CA) Bimal Jain 📌 Hurry! Special Independence Day Offer Valid Until August 20, 2023 📝 Course Highlights: ✔️ Get an Exclusive E-Certificate 📞 For Details or Queries: 💥 Don’t Miss Out on This Incredible Opportunity to Enhance Your GST Expertise! 💥 |