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 Indian Income Tax Section 90 & Form 67 for foreign tax relief. Learn about belated filing, rules, and ITAT judgments. Expert insights and guidance.
Confused about being taxed in two countries on same income? Learn how Double Taxation Avoidance Agreements (DTAA) and Foreign Tax Credit (FTC) can help you navigate this complex issue.
A detailed look at the recent ITAT Ahmedabad ruling in the case of Manoj Kaushikprasad Jingar Vs Assessing Officer. Explore how the tribunal addresses the issue of late filing of Form No.67 under the India-Tanzania DTAA.
In the case of Suresh Kumar Doodi vs. ACIT, ITAT Jaipur rules that delay in filing Form 67 doesn’t result in disallowance of Foreign Tax Credit under Rule 128(9).
Analysis of ITAT Kolkata’s ruling in Mahua Bagchi Vs ACIT. Emphasizes that Foreign Tax Credit can’t be denied for late filing of Form 67 under Sec 139(1).
Explore the critical decision in Souvik Mukherjee Vs ITO (ITAT Delhi) regarding taxation of a bonus received abroad, and how it impacts Foreign Tax Credit regulations.
Explore the details and implications of the Vikash Daga vs ACIT case, where ITAT Delhi upheld the right to claim foreign tax credit under Section 90, despite procedural anomalies. Understand the balance between procedural norms and substantive rights in the context of the Income Tax Act.
ITAT Bangalore held that delay in filing the return and Form No.67, beyond period under section 139(1) of the Act, is not fatal to the claim of FTC. Foreign Tax Credit duly available in respect of income taxable in India and received outside India for the amount of taxes paid outside India.
ITAT Hyderabad’s decision on Shridhar Madhav Diwan vs DCIT case emphasizes re-examination of denied foreign tax credit due to late Form No. 67, aligning with DTAA provisions and Income Tax Rules.
Foreign Tax Credit allowable as assessee filed return of income & statement in Form-67 within due dates as extended by Finance Ministry
