How to Declare Foreign Income in Your Indian Income Tax Return

Declaring foreign income in your Indian Income Tax Return is essential for compliance with tax regulations. Start by determining the nature of your foreign income, such as salary, rental income, interest, or capital gains. Report this income to the appropriate head in your ITR form. Use Form 67 to claim relief under the Double Taxation Avoidance Agreement (DTAA) if you have already paid taxes on this income in a foreign country. Ensure you have all necessary documentation, including foreign tax returns and proof of taxes paid. Accurate conversion of foreign currency income into Indian Rupees is crucial, using the SBI telegraphic transfer buying rate on the specified date. By meticulously reporting and documenting your foreign income, you can avoid penalties and ensure proper compliance with Indian tax laws.

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