Foreign Tax Credit Draft Rules Clarify Claiming Procedures for Resident Taxpayers Under Sections 90, 90A, and 91

The circular proposes draft rules for granting Foreign Tax Credit (FTC) under sections 90, 90A, and 91 of the Income-tax Act. It outlines conditions for claiming credit on foreign taxes paid, including documentation requirements, calculation methods, and limitations. The draft specifies that credit is available for resident taxpayers against income tax payable, excluding interest, fees, or penalties, and requires specific documentation from foreign tax authorities to substantiate claims.

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