Foreign Tax Credit entitlement clarified: residents may claim credit for foreign income tax against Indian tax subject to documentation and limits. Draft rules set out grant of Foreign Tax Credit to resident assessees where corresponding income is taxed in India: foreign tax definitions depend on treaty status or domestic law, credit applies against tax, surcharge and cess (not interest/penalty), is disallowed for disputed taxes, is computed per source per country as the lesser of Indian tax on that income and foreign tax paid converted at the telegraphic transfer buying rate, and requires specified foreign tax certificates, payment proof and a non-dispute declaration.
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.
Foreign Tax Credit entitlement clarified: residents may claim credit for foreign income tax against Indian tax subject to documentation and limits.
Draft rules set out grant of Foreign Tax Credit to resident assessees where corresponding income is taxed in India: foreign tax definitions depend on treaty status or domestic law, credit applies against tax, surcharge and cess (not interest/penalty), is disallowed for disputed taxes, is computed per source per country as the lesser of Indian tax on that income and foreign tax paid converted at the telegraphic transfer buying rate, and requires specified foreign tax certificates, payment proof and a non-dispute declaration.
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