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Rule - 128 - Foreign Tax Credit\
FTC credit shall be the lower of the tax payable under the Act on such doubly taxed income and the foreign tax paid on such income. If foreign tax paid exceeds the tax payable under DTAA, such excess shall be ignored.
Foreign tax credit: credit limited to lower of domestic tax and foreign tax; treaty excess is disregarded. Rule 128 of the Income tax Rules, 1962 limits Foreign Tax Credit to the lesser of domestic tax chargeable on the doubly taxed income and the foreign tax actually paid, and directs that any foreign tax paid in excess of the tax payable under the applicable DTAA be ignored for credit computation.
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