https://www.taxtmi.com/article/detailed?id=6958 Rules enable resident taxpayers to claim foreign tax credit where foreign tax has been paid and the corresponding income is offered to tax in India, covering treaty taxes and income-type taxes in non-treaty countries. FTC is allowed proportionately where foreign and Indian accounting periods differ; it is computed separately by source and country as the lesser of Indian tax on that income and foreign tax paid, converted at the TT buying rate on payment date. Disputed foreign taxes are excluded unless final settlement proof, discharge evidence, and a no-refund undertaking are furnished within six months. FTC is allowable against MAT subject to specified limits, and Form 67 plus prescribed certificates and payment proof must be filed by the return due date. en-us Fri, 02 Sep 2016 11:19:20 +0530 Fri, 02 Sep 2016 11:19:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6958 Rules enable resident taxpayers to claim foreign tax credit where foreign tax has been paid and the corresponding income is offered to tax in India, covering treaty taxes and income-type taxes in non-treaty countries. FTC is allowed proportionately where foreign and Indian accounting periods differ; it is computed separately by source and country as the lesser of Indian tax on that income and foreign tax paid, converted at the TT buying rate on payment date. Disputed foreign taxes are excluded unless final settlement proof, discharge evidence, and a no-refund undertaking are furnished within six months. FTC is allowable against MAT subject to specified limits, and Form 67 plus prescribed certificates and payment proof must be filed by the return due date. Articles Income Tax Fri, 02 Sep 2016 11:19:20 +0530 https://www.taxtmi.com/article/detailed?id=6958