How to Claim Credit of Foreign Tax Paid in Income Tax Return in India I CA Satbir Singh Credit of Taxes paid Outside India /Foreign Tax Credit If a person had paid taxes in a foreign country while doing project work for 4 months. How can he claim credit for the same in Income Tax… Read More »
Notification No 9/2017 Dated 19th September 2017 Central Board of Direct Taxes Procedure for filing Statement of Income From Country or specified Territory outside India and Foreign Tax Credit NOTIFICATION NO.9 [DGIT(S)-ADG(S)-3/E-FILING NOTIFICATION/FORM 67/2017 , DATED 19-9-2017 ] Foreign Tax Credit. — An assessee, being a resident shall be allowed a credit for the amount of… Read More »
Foreign tax credit allowed on basis of gross receipts The Ahmedabad Bench of the Income-tax Tribunal held that the foreign tax credit is applicable with respect to “ income ”—and not “gross receipts.” However, the tribunal allowed the taxpayer’s claim for foreign tax credit on the basis of “ gross receipts. ” The case is:… Read More »
Foreign tax credit rules: The Central Board of Direct Taxes issued new rules with respect to the allowance of a foreign tax credit. The new rules have an effective date of 1 April 2017. Read a June 2016 report [PDF 189 KB]
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] Income-tax Notification No. 54/2016 New Delhi, the Dated: 27th June, 2016 S.O.2213(E).─ In exercise of the powers conferred by clause(ha) of sub-section (2) of section 295… Read More »
DRAFT RULES FOR GRANTING RELIEF OR DEDUCTION UNDER SECTION 90/90A/91 OF THE INCOME-TAX ACT, 1961 LETTER [F.NO.142/24/2015-TPL], DATED 18-4-2016 Clause (ha) of sub-section (2) of section 295 of the Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes (CBDT) may prescribe rules specifying the procedure for the granting of relief or… Read More »
Income covered under section 10A is “chargeable to tax” under section 4 and is includible in total income under section 5 but no tax is charged because of the exemption given u/s10A only for a period of 10 years. The exemption u/s 10A does not make the income not leviable to income tax. Therefore, the… Read More »