TaxTMI 
TaxTMI 
2023 (10) TMI 1433
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....see, at the material time, was working as salaried employee with Bolashak-Atyrau LLP, Kazakhstan. He earned gross salary of Rs. 79,53,339/- from his foreign employer, on which deduction of tax at source in Kazakhstan was made for a sum of Rs. 7,95,334/-. For the year under consideration, the assessee had a status of resident of India. He filed his return on 30-12-2022 declaring salary received from his Kazakhstan employer and also claimed credit for foreign tax. The return was processed u/s. 143(1) of the Act denying the benefit of the FTC. The assessee moved rectification application u/s. 154 of the Act in this regard, which came to be dismissed. No succour was provided in the first appeal on the ground that the assessee filed requisite Fo....
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....year in which the corresponding income is offered to tax in India. Undoubtedly, the salary earned by the assessee from the Kazakhstan employer pertains to the year under consideration, which was included in his return of income for the year. Sub-rule (8) of Rule 128 provides that credit of any foreign tax shall be allowed on furnishing the statement of income in Form No. 67, detailing the income offered to tax and the corresponding foreign tax deducted; and the Certificate or Statement, inter alia, from the person responsible for deduction of tax at source specifying the nature of income and the amount of TDS thereon. Prior to the Income-tax (27th Amendment) Rules, 2022, with retrospective effect from 01-04-2022, the requirement under rule ....
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....nd of the assessment year relevant to the previous year in which the income has been offered to tax; and furnish return within the time stipulated u/s. 139(1) or 139(4). The assessee furnished the return on 30-12-2022, which is a belated return u/s. 139(4) of the Act. Thus, the second condition of furnishing the return u/s. 139 stands satisfied. The first requisite condition is that Form No. 67 along with the Certificate or the Statement needs to be furnished on or before the end of the assessment year. The assessment year under consideration is 2022-23, which will end on 31.3.2023. The assessee furnished Form No. 67 on 29-12-2022 which is well before the time. The dual requirements on this count are to furnish the statement in Form No. 67 ....