https://www.taxtmi.com/circulars?id=54436 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. en-us Mon, 18 Apr 2016 00:00:00 +0530 Thu, 24 Apr 2025 18:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=54436 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. Circulars Income Tax Mon, 18 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=54436