Income Tax : In this Article CA Vivek Jalan discussed about the matter of Form 67 is directory and not mandatory to claim foreign tax credit...
Income Tax : With globalization, people and corporates venturing abroad for work and to explore foreign markets is common. This brings a need t...
Income Tax : Understanding the allowability of foreign tax credit under Income Tax Act 1961. Learn how to take credit for taxes paid outside In...
Income Tax : (A) The possible reasons for no credit of TDS/TCS being displayed in your Form 26AS : 1. Deductor/collector has not filed his TDS/...
Income Tax : Computation of Foreign Tax Credit (‘FTC’) in case ofassessee’s with cross border payments has been a major hassle for tax pr...
Income Tax : Bombay Chartered Accountant’s Society has made a representation to CBDT Chairman and draw his attention towards the diffic...
Income Tax : The Supreme Court today said the CBDT order, as and when it is passed, on Mahindra Satyam tax dispute case would not take effect f...
Income Tax : With a new initiative, NSDL enhances Form 26AS viewing facility at internet banking account of PAN holder. For this purpose NSDL h...
Income Tax : The Income Tax Department (ITD) creates Annual Tax Statement of each taxpayer using their Permanent Account Number (PAN) as identi...
Income Tax : 42 Hertz Software India Pvt. Ltd. Vs ACIT (ITAT Bangalore) There is no dispute that the Assessee is entitled to claim Foreign Tax ...
Income Tax : Assessee who was Resident but not ordinarily resident in India was entitled to claim the credit of both state and federal taxes as...
Income Tax : As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only...
Income Tax : It is pertinent to note that the Central Board of Direct Taxes had issued Circular No. 7/2007 dated 23 July 2007 which provides th...
Income Tax : 6. We have heard the rival contentions and carefully perused the orders. The short question here is whether credits for tax paid a...
Income Tax : ADVISORY NO.: 45 Dated:- 14.07.2022 0/o PCDA(0) Pune, Public Relation office (PRO) Subject: Income Tax Demand Notice under section...
Income Tax : Foreign Tax Credit.- (1) An assessee, being a resident shall be allowed a credit for the amount of any foreign tax paid by him in ...
Service Tax : Supply of tangible goods including machinery, equipments and appliance for use, without transferring right of possession and effec...
In this Article CA Vivek Jalan discussed about the matter of Form 67 is directory and not mandatory to claim foreign tax credit
ADVISORY NO.: 45 Dated:- 14.07.2022 0/o PCDA(0) Pune, Public Relation office (PRO) Subject: Income Tax Demand Notice under section 143(1) due to mismatch of Tax credit for the Financial Year 2021-22 (AY 2022-23). ********* Your kind attention is invited to the intricate contentious issue of reflecting o/s Income Tax Demand shown against more than Army […]
42 Hertz Software India Pvt. Ltd. Vs ACIT (ITAT Bangalore) There is no dispute that the Assessee is entitled to claim Foreign Tax Credit (FTC). On perusal of provisions of Rule 128 (8) & (9), it is clear that, one of the requirements of Rule 128 for claiming FTC is that Form 67 is to […]
With globalization, people and corporates venturing abroad for work and to explore foreign markets is common. This brings a need to pay taxes on income earned in foreign countries. The question is, if an Indian resident earns income and pays taxes abroad, can he claim credit of the taxes paid in foreign countries and if […]
Bombay Chartered Accountant’s Society has made a representation to CBDT Chairman and draw his attention towards the difficulties faced, in recent times, by resident taxpayers, in claiming Foreign Tax Credit (FTC) for their income abroad, while filing their return of Income in India. Full Text of their representation is as follows:- Bombay Chartered Accountant’s Society […]
Understanding the allowability of foreign tax credit under Income Tax Act 1961. Learn how to take credit for taxes paid outside India as a resident Indian.
(A) The possible reasons for no credit of TDS/TCS being displayed in your Form 26AS : 1. Deductor/collector has not filed his TDS/TCS statement; 2. You have not provided PAN to the deductor/collector; 3. You have provided incorrect PAN to the deductor/collector; 4. The deductor/collector has made an error in quoting your PAN in the […]
Computation of Foreign Tax Credit (‘FTC’) in case ofassessee’s with cross border payments has been a major hassle for tax professionals. Absence of well-defined set of rules, coupled with few judicial precedents had resulted in diversified practices. The Central Board of Direct Taxes (‘CBDT’) by Income-tax (18th Amendment) Rules, 2016
The world is on the brink of moving at exponential speed towards Fourth Industrial Revolution. The Fourth Industrial Revolution builds on the digital revolution, representing new ways in which technology becomes embedded within societies and even the human body. The Fourth Industrial Revolution is marked by emerging technology breakthrough in a number of fields, including […]
Section 295(2) (ha) of the Income Tax Act, 1961 provides that the CBDT (Board) may make Rules for the procedure for granting of relief or deduction, as the case may be, of any income tax paid in any country or specified territory outside India, under Section 90 or Section 90A or Section 91, against Income – tax payable under the said Act.
