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of <h1>India's 18th Amendment Rules 2016: New Foreign Tax Credit Provisions for Residents Effective April 1, 2017.</h1> The Government of India, through the Central Board of Direct Taxes, issued the Income-tax (18th Amendment) Rules, 2016, effective April 1, 2017. These rules introduce provisions for Foreign Tax Credit (FTC) for residents, allowing credit for foreign taxes paid on income taxed in India. The credit is subject to conditions, including non-disputed taxes and proportional allocation across years if income is taxed over multiple years. FTC is available against Indian taxes but not against interest or penalties. Documentation, including Form No. 67, is required for claiming FTC, and the credit is calculated based on the lower of Indian or foreign tax payable.
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