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How to convert USD income to file taxes in India
Posted: Thu Sep 06, 2012 1:53 am
by RJB
Hi All, This is probably a stupid question. But I have been wondering how do you report income in USD (out of dividends, interest, cap gains etc) from a US institution to the GOI - i.e. you have to convert it to INR? and If so, at what exch rate?
How to convert USD income to file taxes in India
Posted: Sun Sep 09, 2012 9:53 am
by RRK
Not a stupid question. But a lazy question. Check Rajesh FEMA forum. This has been answered few times.
Use search facility in this forum to find the response.
How to convert USD income to file taxes in India
Posted: Tue Sep 18, 2012 2:55 pm
by mitalidas
Ok I don’t know how much this is going to help you but here are a few details on how taxes are computed for foreign earnings. Firstly your tax that you pay in the US will be computed in American dollars. Secondly if it is the Government of India you seek to file your returns with then you will have to calculate the currency rate according to what it was on the day of the transaction. This is as per my knowledge. Please check elsewhere too as I am not a professional.
Regards
Mitali Das
income tax