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of <h1>Foreign Tax Credit Allocation: Rule 128 mandates proportionate distribution of FTC for income taxed over multiple years.</h1> Rule 128 of the Income-tax Rules, 1962, addresses the Foreign Tax Credit (FTC) benefit, stipulating that if income is taxed over multiple years, the FTC benefit should be allocated on a proportionate basis. This rule ensures that taxpayers receive a fair distribution of credit for taxes paid on income that spans more than one fiscal year.
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