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of <h1>Indian Residents Can Claim Foreign Tax Credit for Taxes Paid Abroad, Limited by Indian Tax Liability</h1> An Indian resident assessee is entitled to a foreign tax credit for income tax paid in another country or specified territory. This credit is applicable against Indian income tax for income taxed abroad, under agreements with countries or territories, or for income accrued outside India but not received in India. The credit is determined by the lower of the Indian tax rate or the foreign tax rate, but cannot exceed the Indian tax payable on the foreign income or the total Indian tax liability. The Central Government may establish methods for computing and claiming this credit to prevent double taxation.
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