Articles for Foreign Tax Credit

Foreign Tax Credit Can't Be Denied In Spite Of Accepting Computation: Madras High Court
4 months, 3 weeks ago

Foreign Tax Credit Can't Be Denied In Spite Of Accepting Computation: Madras High Court

Live Law  

The Madras High Court has held that the claim of foreign tax credit cannot be denied in spite of accepting the computation.The bench of Justice Senthilkumar Ramamoorthy, on examining the company tax return and the activity statements, appears prima facie that the petitioner has remitted taxes through the Australian branch. The Madras High Court has held that the claim of …

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Submission Of Form-67 Is Not Mandatory For Availing Foreign Tax Credit: Delhi ITAT
6 months ago

Submission Of Form-67 Is Not Mandatory For Availing Foreign Tax Credit: Delhi ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that submission of Form-67 is not mandatory for availing foreign tax credit.The bench of Sudhir Pareek and S. Rifaur Rahman has observed that filing Form-67 is a procedural or directory requirement and is not a mandatory requirement. The Delhi Bench of Income Tax Appellate Tribunal has held that submission of …

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Filing Of Form-67 After Filing ITR But Before Issuance Of Intimation, Amounts To Due Compliance: Madras High Court Allows Foreign Tax Credit Claim
1 year, 1 month ago

Filing Of Form-67 After Filing ITR But Before Issuance Of Intimation, Amounts To Due Compliance: Madras High Court Allows Foreign Tax Credit Claim

Live Law  

The Madras High Court has allowed the Foreign Tax Credit claim on the grounds that filing Form-67 after filing the Income Tax Return but before the issuance of an intimation amounts to due compliance.The bench of Justice Krishnan Ramasamy has observed that the returns were filed without FTC; however, the same was filed before passing the final assessment order. The …

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How NRIs are taxed on pension they get from overseas
1 year, 4 months ago

How NRIs are taxed on pension they get from overseas

Live Mint  

Indians who have previously worked outside the country or expatriates qualifying as resident and ordinarily resident taxpayer in India are required to report foreign retirement funds that they hold and the income from such funds in India in Schedule FA of the income-tax return. However, any interest, dividends, or capital gains from individual retirement account and 401K plans will be …

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Monthly Digest Of Tax Cases- March 2022
2 years, 8 months ago

Monthly Digest Of Tax Cases- March 2022

Live Law  

Supreme Court Case Title: Tata Steel Ltd Versus The State Of Jharkhand And Ors. Case Title : Jai Singh Goel Versus Chief Commissioner Of Income Tax Citation: 2022 LiveLaw 175 A Bench of the Delhi High Court, consisting of Justices Manmohan and Navin Chawla, has ruled that an application seeking compounding of the offence under Section 276CC of the Income …

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Foreign Tax Credit Cannot Be Denied For Delay In Filing Form 67: Bangalore ITAT
2 years, 8 months ago

Foreign Tax Credit Cannot Be Denied For Delay In Filing Form 67: Bangalore ITAT

Live Law  

The Bangalore Bench of ITAT has ruled that Foreign Tax Credit cannot be denied to the assessee for delay in filing Form 67. The Bench, consisting of members Beena Pillai and Chandra Poojari has ruled that Rule 128 of the Income Tax Rules which requires the assessee to submit Form 67 before filing the income tax return for claiming Foreign …

India Income Tax Income Tax Act Delay Foreign Form Filing
Can the US-India DTAA rules be simplified?
3 years ago

Can the US-India DTAA rules be simplified?

Live Mint  

Is it possible to simplify the US-India DTAA rules? However, as per Article 25 of the DTAA between India and the US, you may claim foreign tax credit in India for taxes paid in the US. To claim foreign tax credit in India, you will also need to file Form 67 electronically before the due date to file income tax …

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