Double tax credit: foreign tax offsets domestic tax on cross-border income, subject to statutory credit limitations. Elimination of double taxation between India and Thailand is achieved by allowing a credit for taxes paid in the source State against tax payable in the resident State, limited to the domestic tax attributable to the foreign-source income; companies subject to surtax in India apply such credit first against income tax and then against surtax. 'Tax payable' for credit includes amounts foregone due to investment-promotion or special incentive exemptions in either State. A resident exempt under the Convention may have tax on remaining income calculated as if the exempted income were not exempted.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Double tax credit: foreign tax offsets domestic tax on cross-border income, subject to statutory credit limitations.
Elimination of double taxation between India and Thailand is achieved by allowing a credit for taxes paid in the source State against tax payable in the resident State, limited to the domestic tax attributable to the foreign-source income; companies subject to surtax in India apply such credit first against income tax and then against surtax. "Tax payable" for credit includes amounts foregone due to investment-promotion or special incentive exemptions in either State. A resident exempt under the Convention may have tax on remaining income calculated as if the exempted income were not exempted.
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