Foreign tax credit refers to a tax relief mechanism that allows taxpayers to offset or reduce their domestic tax liability by claiming a credit for taxes paid to foreign governments. It aims to prevent double taxation on income earned abroad. Taxpayers who generate income from foreign sources or engage in international business activities can claim a credit for the foreign taxes paid on that income. The foreign tax credit can be applied to various types of taxes, such as income tax, withholding tax, or foreign sales tax. Understanding the foreign tax credit provisions helps individuals and businesses navigate international tax obligations and avoid excessive taxation on their global income. This description provides an overview of the concept of foreign tax credit and its importance for taxpayers with international income or operations.
Income Tax : Analysis of key tax rulings by ITAT Mumbai covering turnover discrepancies, capital loss classification, FTC claims, and compensat...
Income Tax : Explore why Foreign Tax Credit claims may be denied during ITR processing, including issues with Form 67, CPC guidelines, and lega...
Income Tax : Understand how to claim Foreign Tax Credit in India through Form 67. Learn the criteria, due dates, steps, and essential tips for ...
Income Tax : Understanding Foreign Tax Credit (FTC) in India: Learn its significance, rules, claiming procedure, case law insights, and steps t...
Income Tax : Explore Indian Income Tax Section 90 & Form 67 for foreign tax relief. Learn about belated filing, rules, and ITAT judgments. Expe...
Income Tax : Explore the ITAT Mumbai's ruling on Vipul Vasant Patil's foreign tax credit claim and interest levies for FY 2018-19. Learn more a...
Income Tax : Assessee filed his original income tax return on 31-08-2019 and revised the return on 19-06-2020. He submitted Form 67 to claim th...
Income Tax : Assessing foreign tax credit claim rejected due to Form 67 filing delay. The CIT(A) upheld disallowance for AY 2020-21. Tribunal r...
Income Tax : ITAT Bangalore ruled on Deepak Shimoga Padmaraju foreign tax credit claim, denied due to late filing of Form 67 after the due date...
Income Tax : ITAT Delhi rules that filing Form 67 is not mandatory for Foreign Tax Credit (FTC) claims, and procedural violations shouldn't den...
Explore why Foreign Tax Credit claims may be denied during ITR processing, including issues with Form 67, CPC guidelines, and legal interpretations.
The Madras High Court in Thejo Engineering Limited Vs Deputy Director of Income Tax ruled that denying Foreign Tax Credit despite accepted computations is incorrect.
Explore the detailed analysis of Vinodkumar Lakshmipathi appeal against CIT(A) NFAC regarding foreign tax credit disallowance for AY 2018-19. Understand the implications and legal nuances.
ITAT’s judgment in the case of Eastman Industries Ltd. Vs ACIT addressed critical procedural issues related to the late deposit of employees’ provident fund contributions and the submission of Form 67 for claiming FTC.
Detailed analysis of the ITAT Delhi order on Isha Mago vs ADIT, focusing on the appeal regarding disallowance of foreign tax credit due to late filing of Form 67.
Explore the ITAT Delhi’s ruling in Rameshwar Prasad Shrivastava vs ITO, detailing the disallowance of foreign tax credit due to procedural lapses, implications under DTAA, and judicial precedents.
Read a comprehensive analysis of Ajay Kumar Mishra Vs DCIT case at ITAT Delhi regarding disallowance of foreign tax credit under Indian tax law. Understand the implications and legal arguments presented.
ITAT Mumbai upholds Bytescale Technologies’ deduction for trading activity under Section 10AA for AY 2018-19; foreign tax credit also approved
Understand how to claim Foreign Tax Credit in India through Form 67. Learn the criteria, due dates, steps, and essential tips for efficient tax filing.
Understanding Foreign Tax Credit (FTC) in India: Learn its significance, rules, claiming procedure, case law insights, and steps to avoid double taxation effectively.
