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of <h1>Finance Bill 2017: Section 155(14A) Allows Foreign Tax Credit Post-Dispute Resolution from April 2018 Onwards.</h1> Clause 62 of the Finance Bill, 2017, amends section 155 of the Income-tax Act by introducing sub-section (14A), effective from April 1, 2018. This provision allows taxpayers to claim credit for income tax paid in foreign countries if initially denied due to disputes. Upon dispute resolution, taxpayers must provide evidence of settlement and payment to the Assessing Officer within six months, along with an undertaking not to claim the credit for other years. The Assessing Officer will then amend the assessment order to allow the credit for the year the income is taxed in India. This applies from the 2018-2019 assessment year onwards.
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