Enabling the Board to notify rules for giving foreign tax credit

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Enabling the Board to notify rules for giving foreign tax credit

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....nabling the Board to notify rules for giving foreign tax credit Query (Issue) Started By: - Admin TMI Dated:- 28-2-2015 Last Reply Date:- 28-2-2015 Income Tax Got 1 Reply Income Tax Question - What are proposed in Budget 2015-16 for board for giving foreign tax credit ? Reply By Admin TMI: The Reply: Enabling the Board to notify rules for giving foreign tax credit Sub-section (1) ....

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....of section 91 of the Income-tax Act provides for relief in respect of income-tax on the income which is taxed in India as well as in the country with which there is no Double Taxation Avoidance Agreement (DTAA). It provides that an Indian resident is entitled to a deduction from the Indian income-tax of a sum calculated on such doubly taxed income, at the Indian rate of tax or the rate of tax of s....

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....aid country, whichever is lower. In cases of countries with which India has entered into an agreement for the purposes of avoidance of double taxation under section 90 or section 90A, a relief in respect of income-tax on doubly taxed income is available as per the respective DTAAs. The Income-tax Act does not provide the manner for granting credit of taxes paid in any country outside India. Accor....

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....dingly, it is proposed to amend section sub-section (2) of section 295 of the Income-tax Act so as to provide that CBDT may make rules to provide the procedure for granting relief or deduction, as the case may be, of any income-tax paid in any country or specified territory outside India, under section 90, or under section 90A, or under section 91, against the income-tax payable under the Act. Th....

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....is amendment will take effect from 1st day of June, 2015 Discussion Forum - Knowledge Sharing ....

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Enabling the Board to notify rules for giving foreign tax credit