Relief for doubly taxed foreign wealth allows deduction from Indian wealth-tax using lower of Indian or foreign tax rates. Where an assessee's net wealth includes foreign wealth and tax has been paid in a country without a reciprocal arrangement under section 44A, the assessee may deduct from Indian wealth-tax an amount calculated on the doubly taxed foreign wealth at the lower of the Indian rate of tax or the rate of tax of the said country (or at the Indian rate if both rates are equal). The section defines Indian wealth-tax, Indian rate of tax, rate of tax of the said country, and foreign wealth for this calculation.
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Provisions expressly mentioned in the judgment/order text.
Relief for doubly taxed foreign wealth allows deduction from Indian wealth-tax using lower of Indian or foreign tax rates.
Where an assessee's net wealth includes foreign wealth and tax has been paid in a country without a reciprocal arrangement under section 44A, the assessee may deduct from Indian wealth-tax an amount calculated on the doubly taxed foreign wealth at the lower of the Indian rate of tax or the rate of tax of the said country (or at the Indian rate if both rates are equal). The section defines Indian wealth-tax, Indian rate of tax, rate of tax of the said country, and foreign wealth for this calculation.
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