6 min read · Updated June 2026 · Applies to AY 2025-26 and AY 2026-27
The Income Tax Rules prescribe different exchange rate methods for different income types:
| Rule | Rate to Use | When it Applies |
|---|---|---|
| Rule 115 | SBI TTBR on the exact transaction date | Foreign income, foreign assets (Schedule FA), capital gains on foreign assets |
| Rule 26 | SBI TTBR on last day of preceding month | Salary income, perquisite valuation (RSU vest, ESPP perquisite in Form 16) |
Your employer uses Rule 26 to convert RSU perquisite value in Form 16 (e.g. vest on July 15 → uses June 30 rate). This is correct for salary purposes.
But for Schedule FA Table A3 initial value, you must use Rule 115 — the SBI TTBR on July 15 itself, not June 30. These are different rates and will produce different INR values. Both are technically correct for their respective purposes — the inconsistency is by design in the tax rules.
TTBR = Telegraphic Transfer Buying Rate. It is the rate at which State Bank of India buys foreign currency (USD) from customers via telegraphic transfer. The "buying" rate is from SBI's perspective — they are buying your USD, so this is the rate you receive when converting USD to INR.
The Income Tax Rules specifically prescribe State Bank of India TTBR — not any other bank, not RBI reference rate, not the rate your private bank offers. SBI publishes its TTBR daily on its website.
TTBR is typically ₹0.25–₹0.50 lower than TT selling rate (the rate you pay when converting INR to USD) and ₹0.30–₹0.60 higher than the RBI reference rate.
| Schedule FA Value | Date Needed |
|---|---|
| Table A3 Initial Value (each lot) | Acquisition (vest/purchase) date of that lot |
| Table A3 Closing Value | Dec 31 (Fidelity accounting period end) |
| Table A3 Peak Value | Date of maximum portfolio value during FY |
| Table A2 Closing Balance | Dec 31 |
| Table A2 Peak Balance | Date of maximum balance during FY |
| Table A2 Gross Income (dividends) | Each dividend date (or use Dec 31 rate — acceptable in practice) |
| Table A2 Gross Proceeds (sales) | Each sale date (or use Dec 31 rate — acceptable in practice) |
If you have 12 RSU vest lots across 3 years, you need 12 different SBI TTBR rates plus Dec 31. This is the primary reason Schedule FA filing is time-consuming when done manually.
SBI does not publish TTBR on weekends and bank holidays. If your RSU vested on a Saturday, SBI has no rate for that date.
Use the rate from the nearest preceding working day. If the event was Saturday July 12, use Friday July 11's rate. If Friday was also a holiday, use Thursday's rate.
This is the standard practice accepted by tax practitioners — there is no explicit CBDT circular, but the "nearest preceding working day" approach is widely used and defensible.
ITRFA.in walks back up to a week to find the nearest working day with a published rate.
For dates from 2020 onwards:
For Jul 2018 – Dec 2019:
For dates before Jul 2018:
| Rate | Typical Value (2025) | Prescribed For | Source |
|---|---|---|---|
| SBI TTBR (buying rate) | ~₹84.00 | Schedule FA (Rule 115), capital gains on foreign assets | SBI website (daily); community archives for history |
| RBI / FBIL Reference Rate | ~₹83.65 | Not prescribed for any specific tax rule, widely used as proxy | RBI archive (to Jul 2018), FBIL (after) |
| SBI TT Selling Rate | ~₹84.50 | Not used for income tax | SBI website |
| Card/forex rate | ~₹87–89 | Not relevant for tax | Banks/forex bureaus |
The ~₹0.35 gap between RBI reference rate and SBI TTBR means if you use RBI rate instead of SBI TTBR, your Schedule FA INR values will be slightly lower. At $50,000 portfolio, that's roughly ₹17,500 difference. For large portfolios, using the correct SBI TTBR matters.
The most tedious part of Schedule FA is looking up SBI TTBR for each of 10–20 acquisition dates. ITRFA.in does this automatically:
Upload your Fidelity CSVs. Exchange rates are pre-filled on the review screen — verify and override as needed, then generate.
Generate Schedule FA →