TaxTMI 
TaxTMI 
Draft rules for granting relief or deduction of Income-tax under section 90/ 90A/ 91 of the Income-tax Act
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....tion of Income-tax under section 90/ 90A/ 91 of the Income-tax Act - reg. Clause (ha) of sub-section (2) of section 295 of the Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes (CBDT) may prescribe rules specifying the procedure for the granting of relief or deduction, as the case may be, of any income-tax paid in any country or specified territory outside India, unde....
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....d to the extent as specified in this rule. (2) The foreign tax shall mean,- (a) in respect of a country or specified territory with which India has entered into an agreement for avoidance of double taxation of income in terms of section 90 or 90A of the Act, the tax covered under the said agreement; (b) in respect of any other country or specified territory, the tax payable under the law in ....
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....shall be determined by conversion of the currency of payment of foreign tax at the telegraphic transfer buying rate on the date on which such tax has been paid or deducted. (6) In a case where any tax is payable under the provisions of section 115JB or 115JC of the Act, the credit of foreign tax shall be allowed against such tax in the same manner as is allowable against any tax payable under th....
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....rce, the assessee may furnish a certificate of tax deducted from the person responsible for deduction of such tax; (ii) acknowledgement of online tax payment or bank counter foil or slip or challan for tax payment where the payment of foreign tax has been made by the assessee; and (iii) a declaration that amount of foreign tax in respect of which credit is being claimed is not under any disput....