What exchange rates should be used for income from other sources in case of interest income from foreign savings bank account for Schedule FA and Schedule OS?
Section 2 of the Rule 115 adds additional conditions to sub-section (1c) of Explanation of Section 1 of the Rule 115 referring to FEMA. What does it mean please? Thank you.
- Schedule OS: Convert all foreign savings account interest earned during the FY using the SBI TTBR of 31st March (unless remitted to India prior to March 31st, in which case use the actual conversion rate).
- Schedule FA: Convert foreign savings account interest, closing balance, and peak balance using the SBI TTBR as of 31st December (or the exact date of peak balance).