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of <h1>Foreign Tax Credit Limited to Lower of Domestic Tax or Foreign Tax Paid.</h1> FTC credit is determined as the lower amount between the tax payable under the domestic Income Tax Act on doubly taxed income and the foreign tax paid on that income. If the foreign tax paid surpasses the tax payable under the Double Taxation Avoidance Agreement (DTAA), the excess is disregarded. This rule ensures that taxpayers do not receive a credit greater than the actual tax liability as per domestic law or DTAA provisions.
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