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of <h1>Amendment to Section 198: Foreign Taxes Included in Income Calculation to Prevent Double Deductions Starting April 2025.</h1> The Union Budget 2024-25 proposes an amendment to Section 198 of the Income Tax Act to address tax avoidance practices. Currently, some taxpayers exclude taxes withheld outside India when calculating their total income, leading to underreporting. They claim credit for these foreign taxes, resulting in a double deduction. The amendment mandates that all taxes deducted, including those paid outside India, be deemed as income received for tax computation. This change, effective April 1, 2025, aims to ensure accurate reporting of total income and prevent double deductions by aligning foreign tax credits with reported income.
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