TaxTMI 
TaxTMI 
Foreign Tax Credit - Income-tax (18th Amendment) Rules, 2016
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....einafter 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 across those years in the same proportion in which the income is offered to tax or assessed to ....
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....regate 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 of the currency of payment of foreign tax at the telegraphic transfer buying rate on the last day of the month immediately preceding th....
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....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 specified for furnishing such return of income. (10) Form No.67 shall also be furnished in a case where the carry backward of loss of the current year results in refund of foreign tax for....
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.... for technical services not being part of business income Others (specify) Part-B 1. (a) Whether any refund of foreign tax has been claimed in any prior accounting year as a result of carry backward of losses Yes/ No (b) If reply to (a) above is Yes, furnish the following details:- ____________ (i) the accounting year to which such loss pertains (ii) (ii) the accounting year(s) in which set off of carry backward of loss has been undertaken ____________ (iii) refund claimed for the accounting year(s) ____________ (iv) previous year to which 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....