tax credit

Foreign Tax credit- How to claim and remember to file Form 67

Income Tax - 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 […]...

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Allowability of Foreign Tax Credit under Income Tax Act 1961

Income Tax - Allowability of Foreign Tax Credit If you are a resident Indian and you have earned some income in the foreign country, on which TDS has been deducted, then this article may helpful to you in understanding how can you take credit of the taxes paid outside India. Let us take an example first, so that […]...

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Worried about proper credit of Income tax – Do’s for Taxpayers

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/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 [&hell...

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Analysis of Rules for grant of Foreign Tax Credit

Income Tax - 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...

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Monetization & Transferability of Business Losses: Next Indian Business Revolution

Income Tax - 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 breakthroug...

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Rejection of Foreign Tax Credit For Delay/Non-filing of Form 67

Income Tax - 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:...

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CBDT order on Mahindra Satyam won't take effect for 2 weeks

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 for two weeks so that the IT company may challenge it in an appropriate forum....

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View tax credit in form 26AS through Bank Login

Income Tax - With a new initiative, NSDL enhances Form 26AS viewing facility at internet banking account of PAN holder. For this purpose NSDL has already made the necessary arrangement with all banks under OLTAS. These banks would enable the link for Form 26AS at their Internet Banking pages....

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Tax Credits Available In the Annual Tax Statement for A.Y. 2008-09

Income Tax - The Income Tax Department (ITD) creates Annual Tax Statement of each taxpayer using their Permanent Account Number (PAN) as identifier. The tax statement contains details of tax paid by the taxpayer himself (self assessment/advance tax) and also details of tax deducted/collected from him during the financial year. ...

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Filing of Form 67 not mandatory for claiming Foreign Tax Credit

42 Hertz Software India Pvt. Ltd. Vs ACIT (ITAT Bangalore) - 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 […]...

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RNRO can claim foreign tax credit under section 91

Aditya Khanna Vs ITO (International Taxation) (ITAT Delhi) - Assessee who was Resident but not ordinarily resident in India was entitled to claim the credit of both state and federal taxes as per section 91 however, tax credit in respect of foreign income tax was restricted to actual income tax liability in India, in respect of income on which taxes had been ...

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TDS can be granted only in year in which income on which such TDS is assessable to tax

ACIT Vs. M/s Rahee Jhajharia E to E JV (ITAT Kolkata) - 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 in the year in which the income/receipt on which such tax deducted at source is asses sable to tax....

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Tax credit for tax withheld cannot be denied to the payee upon subsequent refund of the TDS to the deductor

Lucent Technologies Grl Llc Vs DCIT (ITAT Mumbai) - It is pertinent to note that the Central Board of Direct Taxes had issued Circular No. 7/2007 dated 23 July 2007 which provides the procedure and circumstances for refund of tax deducted at source under section 195 of the Act to the tax deductor. How...

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MAT credit should be allowed before calculating Interest U/s. 234B and 234C of the Income Tax Act, 1961

Sucham Finance & Investments Pvt. Ltd. Vs ACIT (ITAT Mumbai) - 6. We have heard the rival contentions and carefully perused the orders. The short question here is whether credits for tax paid as provided in section 115JAA of the Act has to be given before charging of interest u/s 234A & 234B or after charging of interest u/s 234A and 234B of the Act, in the lat...

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Income Tax demand Notice due to Tax credit mismatch against Army Officers

Advisory No. 45 - (14/07/2022) - 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 reflecti...

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CBDT notifies rules for Foreign Tax Credit

Notification No. 54/2016-Income Tax - (27/06/2016) - 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 a country or specified territory outside India, by way of deduction or otherwise, in the year in which the income corresponding to such tax has been offered to tax or ass...

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Cenvat credit of excise duty/CVD paid on goods used in providing Supply of Tangible Goods service

Trade Notice No. 12/2009 - (13/03/2009) - Supply of tangible goods including machinery, equipments and appliance for use, without transferring right of possession and effective control of such tangible goods is a taxable service in terms of provision of Section 65 (105) (zzzzj) of the Finance Act, 1994. In some case, vehicles, aircrafts, ve...

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Recent Posts in "tax credit"

Income Tax demand Notice due to Tax credit mismatch against Army Officers

Advisory No. 45 14/07/2022

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 m...

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Filing of Form 67 not mandatory for claiming Foreign Tax Credit

42 Hertz Software India Pvt. Ltd. Vs ACIT (ITAT Bangalore)

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 […]...

Read More

Foreign Tax credit- How to claim and remember to file Form 67

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 […]...

Read More
Posted Under: Income Tax |

Rejection of Foreign Tax Credit For Delay/Non-filing of Form 67

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:...

Read More
Posted Under: Income Tax | ,

Allowability of Foreign Tax Credit under Income Tax Act 1961

Allowability of Foreign Tax Credit If you are a resident Indian and you have earned some income in the foreign country, on which TDS has been deducted, then this article may helpful to you in understanding how can you take credit of the taxes paid outside India. Let us take an example first, so that […]...

Read More
Posted Under: Income Tax |

Worried about proper credit of Income tax – Do’s for Taxpayers

(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 [&hell...

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Posted Under: Income Tax |

Analysis of Rules for grant of Foreign Tax Credit

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...

Read More
Posted Under: Income Tax |

Monetization & Transferability of Business Losses: Next Indian Business Revolution

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 breakthroug...

Read More
Posted Under: Income Tax |

Foreign Tax Credit: Online submission of Form 67 and other changes

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 Ac...

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Posted Under: Income Tax |

How to view Tax credit statement Form 26AS on Income Tax Website

Form 26AS is the statement which provide the details of tax deducted (TDS) and tax collected (TCS), advance tax and self-assessment tax paid also contain details of regular assessment tax deposited by the taxpayers. Further, High-value Transactions in respect of immovable property, shares and mutual funds also covered in this statement. T...

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Posted Under: Income Tax |

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