Foreign Assets in ITR: Are You Using the Right Rate?
If you own foreign bank accounts, stocks, or property, you must report them in your ITR using the SBI TTBR exchange rate. Using the wrong rate — or skipping the disclosure — can trigger heavy penalties under the Black Money Act.
Getting the exchange rate wrong on your ITR can cost more than 10 years of chai bills
You could face this fine for wrong or missing foreign asset reporting in your ITR
Key Takeaways
Visit SBI's official website or RBI's FBIL portal to find the correct TTBR rate for the relevant transaction date before filling Schedule FA in your ITR.
Save a screenshot or PDF of the TTBR rate you used — tax authorities can ask for proof of the conversion rate during scrutiny or assessment.
Check Schedule FA (Foreign Assets) carefully in your ITR form — it covers foreign bank accounts, overseas equity, immovable property, and beneficial interests abroad.
If you own foreign bank accounts, stocks, or property, you must report them in your ITR using the SBI TTBR exchange rate. Using the wrong rate — or skipping the disclosure — can trigger heavy penalties under the Black Money Act.
Here's what happened: Indian taxpayers filing ITR for AY 2026-27 must convert all foreign asset values into INR using SBI's Telegraphic Transfer Buying Rate (TTBR).. The TTBR rate applicable on the date of acquisition or the last day of the relevant financial year must be used — not Google's live rate.. Non-disclosure or inaccurate reporting of foreign assets can attract penalties up to ₹10 lakh per year under the Black Money (Undisclosed Foreign Income and Assets) Act..
What you should do: Visit SBI's official website or RBI's FBIL portal to find the correct TTBR rate for the relevant transaction date before filling Schedule FA in your ITR.. Save a screenshot or PDF of the TTBR rate you used — tax authorities can ask for proof of the conversion rate during scrutiny or assessment.. Check Schedule FA (Foreign Assets) carefully in your ITR form — it covers foreign bank accounts, overseas equity, immovable property, and beneficial interests abroad..
Even a dormant NRE account or a small ESOP grant from a foreign employer counts as a foreign asset — most salaried professionals miss this and file incomplete returns.
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- [1]“INR exchange rate while filing ITR to report foreign assets: Use this reference rate to convert foreign currency into INR as prescribed under income tax rules” Wealth-Economic Times · 21 Jul 2026
This article is reported by GoCredit's Editorial Team based on the source above. GoCredit synthesises, contextualises, and adds India-borrower-relevant analysis. We are not the original publisher.