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Under Section 90/90A/91 of IT Act 1961 - Draft Rules for Granting Relief or Deduction

Under Section 90/90A/91 of IT Act 1961 - Draft Rules for Granting Relief or Deduction - Income Tax - F.NO.142/24/2015-TPL - Dated:- 18-4-2016 - DATED 18-4-2016 Clause (ha) of sub-section (2) of section 295 of the Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes (CBDT) may prescribe rules specifying the procedure for the 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 .....

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all 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 assessed to tax in India, in the manner and to the extent as specified in this rule. (2) The foreign tax shall mean,- (a) in respect of a country or specified territory with which India has entered into an agreement for avoidance of double taxation of income i .....

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e available in respect of any amount of foreign tax which is disputed in any manner by the assessee. (5) The credit of foreign tax shall be the aggregate of the amounts of credit computed separately for each source of income arising from a particular country or specified territory and given effect to in the following manner: (i) the credit shall be the lower of the tax payable under the Act on such income and the foreign tax paid on such income; (ii) the credit shall be determined by conversion .....

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