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of <h1>Residents Can Claim Foreign Tax Credit: Rule 128 Details Provisions, Limitations, and Required Documentation for Compliance</h1> Rule 128 of the Income-tax Rules, 1962, outlines provisions for claiming a foreign tax credit by residents of India. It allows credit for foreign taxes paid on income offered for tax in India, provided the income is taxed in multiple years, and the credit is proportionally distributed. The rule specifies that credits are against tax, surcharge, and cess, not interest or penalties. Disputed foreign taxes are excluded until resolved. Credits are calculated per income source and limited to the lesser of Indian tax or foreign tax paid. Documentation, including Form No. 67, must be submitted by the assessment year's end.
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