ITR 2026: Reporting Foreign Assets? Use SBI TTBR, Not Google or RBI Rates
Apno Ka CA™ · ITR 2026 Filing Series

Reporting Foreign Assets in ITR 2026? Use SBI's TTBR Rate  Not Google or RBI

One wrong exchange rate in Schedule FA can turn a clean filing into a scrutiny notice. Here's the rate the law actually prescribes.
If you held foreign shares, RSUs, an overseas bank account, or foreign property at any point in 2025, the exchange rate you use to convert them into rupees in Schedule FA is not your choice to make. The Income-tax Rules fix it for you  and it is not the rate Google shows you.

The Rule That Governs Your Conversion Rate

Under Rule 115 of the Income-tax Rules, 1962, foreign currency amounts reported in your return must be converted into INR using the Telegraphic Transfer Buying Rate (TTBR) of the State Bank of India  the rate at which SBI buys foreign currency from customers via telegraphic transfer. This is the rate that applies to Schedule FA, to capital gains on foreign shares, to foreign dividends and interest, and to foreign salary income. It is not the RBI reference rate, not your broker's conversion rate, and not whatever number a currency converter app shows you today.

This distinction matters more this year because the CBDT's AEOI-AIS integration now feeds foreign account and asset data  reported by other countries under automatic exchange of information  directly into your AIS. If the value you report in Schedule FA does not reconcile with what shows up through this data, it invites a mismatch flag even when your underlying disclosure is genuine.

Who Must File Schedule FA

Schedule FA applies only to taxpayers who are Resident and Ordinarily Resident (ROR) in India. It does not apply to non-residents or to Not Ordinarily Residents. If you are ROR and held any of the following at any point during the calendar year 2025  even for a single day  you must report it:

  • Foreign shares, ESOPs, or RSUs (vested or unvested, as applicable)
  • Overseas bank accounts or custodial/demat accounts
  • Foreign immovable property
  • Any other foreign financial asset or beneficial interest
  • Income earned from any source outside India

Note the reporting period: Schedule FA runs on a calendar year basis (1 January to 31 December), not the Indian financial year. This trips up a lot of first-time filers.

Which Date's Rate Applies — This Is Where People Go Wrong

The most common mistake isn't using the wrong bank's rate  it's using the SBI TTBR from the wrong date. Rule 115 fixes a different reference date depending on what you're valuing:

What you're reporting Which date's SBI TTBR to use
Initial value of an investment (purchase, RSU vest) Date of investment / vesting
Peak value during the year Date on which the peak balance occurred
Closing balance 31 December of the calendar year being reported
Foreign salary, dividend, or interest income Last day of the month preceding the month the income is due or received
Sale proceeds / capital gains on foreign assets Last day of the month preceding the month of transfer

If SBI has not published a TTBR on the exact date required  a Sunday or bank holiday, for instance  the rate of the immediately preceding working day applies.

Why This Is Not Optional

The Rules specifically prescribe SBI TTBR for this purpose  using RBI reference rates, Google's shown rate, or a forex app's rate is simply not compliant, regardless of how close the numbers look. A conversion done on the wrong rate, or the wrong date, produces a figure that doesn't match what the department can independently verify through AEOI data  and that gap is exactly what triggers scrutiny.

Practical Filing Checklist

Before you finalise Schedule FA:

  • Use the correct SBI TTBR for each figure  initial value, peak value, and closing value each pick up a different date, as shown above. Don't apply one flat rate across the whole schedule.
  • Maintain consistency across schedules. The figures in Schedule FA must align with what you've disclosed in Schedule FSI and any foreign income shown elsewhere in the return.
  • Keep your working papers. Save a record of the exact SBI TTBR used for each conversion, along with the date and the source, in case you're asked to justify the figure later.
  • Cross-check against your AIS. With AEOI data now flowing into AIS, reconcile your foreign account and asset entries before filing rather than after receiving a notice.
  • Don't skip small or short-held assets. A foreign account held for even one day during the calendar year still requires reporting.

Bottom Line

For ITR 2026, do not convert foreign assets using generic market rates. Schedule FA requires SBI's Telegraphic Transfer Buying Rate, applied on the specific date the Rules prescribe for each figure  not a single rate applied loosely across the schedule. Get the rate and the date right, and your Schedule FA stays clean, consistent, and audit-proof.

Frequently Asked Questions

Q1. Is the RBI reference rate acceptable for Schedule FA?
No. Rule 115 specifically prescribes SBI's Telegraphic Transfer Buying Rate (TTBR), not the RBI reference rate.
Q2. What if SBI has no published TTBR on the exact date I need?
Use the rate of the immediately preceding working day on which SBI did publish a TTBR.
Q3. Does Schedule FA follow the financial year or calendar year?
Calendar year  1 January to 31 December  which is different from most other schedules in the ITR that follow the Indian financial year.
Q4. I held a foreign bank account for just two weeks in 2025. Do I still need to report it?
Yes. Reporting is required even if the asset was held for a single day during the relevant calendar year.
Q5. Do NRIs need to file Schedule FA?
No. Schedule FA applies only to taxpayers who are Resident and Ordinarily Resident (ROR) in India. Non-residents and Not Ordinarily Residents are not required to file it.
Q6. What rate applies for foreign dividend or interest income?
The SBI TTBR as on the last day of the month immediately preceding the month in which the income is received or becomes due, whichever is earlier.
This article is for general informational purposes and does not constitute tax advice. Rates, dates, and thresholds should be verified against the applicable Income-tax Rules and current SBI-published TTBR at the time of filing. For guidance specific to your situation, consult a qualified tax professional.