<h1>Foreign tax credit procedure proposed; draft rules open for stakeholder comments and public consultation.</h1> The Central Board of Direct Taxes has proposed draft rules to prescribe the procedure for grant of Foreign Tax Credit under the Income tax Act's mechanisms for relief against tax paid outside India. The draft establishes the procedural framework and documentation requirements by which tax paid in a foreign country or specified territory may be credited or deducted against Indian income tax, and has been published for stakeholder comments and public consultation to inform final rulemaking.