Section 206 — Rate of exchange for conversion into rupees of income expressed in foreign currency

(1) The rate of exchange for the calculation of the value in rupees of any income, accruing or arising or deemed to accrue or arise to the assessee inforeign currency, or received or deemed to be received by him or on his behalf in foreign currency, shall be the telegraphic transfer buying rate of suchcurrency as on the specified date.
(2) For the purposes of this rule—
(a) "telegraphic transfer buying rate" shall have the meaning assigned to it in rule 207; and
(b) (i) the "specified date" in respect of the nature of income referred in column B of the following Table shall be as given in column C:
TABLE
Sl.No. Types of Income Specified Date
A B C
1. Income chargeable under the head "Salaries". Last day of the month, immediately preceding themonth in which salary is due, or is paid in advance, orarrears.
2. Income by way of interest on securities. Last day of the month, immediately preceding themonth in which the income is due.
3. Income chargeable under the heads "Income from house property", "Profits and gains ofbusiness or profession" (not being income referred to in Sl. No. 4), and "Income from othersources" (excluding dividends and interest on securities).
Last day of the tax year of the assessee.
4. Income chargeable under the head "Profits and gains of business or profession" in the case of anon-resident engaged in the business of operation of ships.Last day of the month, immediately preceding themonth in which the income is deemed to arise inIndia.
5. Income by way of dividends. Last day of the month, immediately preceding themonth in which dividend is declared, distributed, orpaid by the company.
6. Income chargeable under the head "Capital gains". Last day of the month, immediately preceding themonth of in which the capital asset in the table istransferred;
(ii) the specified date, in respect of income referred to in sub-clause (ii), payable in foreign currency and from which tax has been deducted at sourceunder rule 207, shall be the date on which the tax was required to be deducted under the provisions of the Chapter XIX-B.(3) Nothing contained in sub-rule (1) shall apply in respect of income referred to in sub-rule (2)(b) [Table: Sl. No. 3], where such income is received in, orbrought into India by the assessee or on his behalf before the specified date, in accordance with the provisions of the Foreign Exchange Regulation Act, 1973(46 of 1973).