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Rule - 128 - Foreign Tax Credit
FTC Benefit on proportionate basis
If income offered to tax in more than one year then benefit shall be allowed on proportionate basis.
Foreign tax credit proportionate allocation ensures foreign tax relief is apportioned when income is taxed across multiple years. Foreign tax credit under the Income tax Rules operates on a proportionate allocation principle when the same income is taxable in more than one year; the credit entitlement must be apportioned across the years in which the income is offered to tax so that relief for foreign taxes corresponds to the portion of income taxed in each year. of Press 'Enter' after typing page number.
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