TaxTMI 
TaxTMI 
Foreign Tax Credit - Income-tax (18th Amendment) Rules, 2016
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....ome into force on the 1st day of April, 2017. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), after rule 127, following rule shall be inserted, namely:- "128. Foreign Tax Credit.- (1) An assessee, being a resident shall be allowed a credit for the amount of any foreign tax paid by him in a country or specified territory outside India, by way of deduction or otherwise, in the year in which the income corresponding to such tax has been offered to tax or assessed to tax in India, in the manner and to the extent as specified in this rule: Provided that in a case where income on which foreign tax has been paid or deducted, is offered to tax in more than one year, credit of foreign tax shall be allowed acros....
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....unt has directly or indirectly been claimed or shall be claimed. (5) The credit of foreign tax shall be the aggregate of the amounts of credit computed separately for each source of income arising from a particular country or specified territory outside India and shall be given effect to in the following manner:- (i) the credit shall be the lower of the tax payable under the Act on such income and the foreign tax paid on such income: Provided that where the foreign tax paid exceeds the amount of tax payable in accordance with the provisions of the agreement for relief or avoidance of double taxation, such excess shall be ignored for the purposes of this clause; (ii) the credit shall be determined by conversion ....
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....outside India; or (b) from the person responsible for deduction of such tax; or (c) signed by the assessee: Provided that the statement furnished by the assessee in clause (c) shall be valid if it is accompanied by,- (A) an acknowledgment of online payment or bank counter foil or challan for payment of tax where the payment has been made by the assessee; (B) proof of deduction where the tax has been deducted. (9) The statement in Form No.67 referred to in clause (i) of sub-rule (8) and the certificate or the statement referred to in clause (ii) of sub-rule (8) shall be furnished on or before the due date specified for furnishing the return of income under sub-section (1) of section 139, in the manner spec....
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....eements Rate of tax as per Double Taxation Avoidance Agreements Amount (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) Salary House property Business/ professional income Long term capital gain ....
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....ich refund referred to in (iii) relates ____________ 2. (a) Whether credit for any foreign tax has been claimed which is under dispute Yes/ No (b) If reply to (a) above is Yes, furnish the following details:- (i) the nature and amount of income in respect of which tax is disputed ____________ (ii) the amount of such disputed tax ____________ Verification I, son/daughter of , holding permanent account number _______________________ solemnly declare that to the best of my knowledge and belief, the information given in Part-A and Part-B of the statement above is correct and complete and is truly stated. I further declare that I am making this statement in my capacity a....