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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) provid .....

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section 90A or section 91, against the income-tax payable under the Act. II. A Committee was set up by CBDT to suggest the methodology for grant of Foreign Tax Credit (FTC) after examining the various issues related to it. After due consideration of .....

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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 t .....

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n terms of section 90 or 90A of the Act, the tax covered under the said agreement; (b) in respect of any other country or specified territory, the tax payable under the law in force in that country in the nature of income-tax referred to in clause (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 .....

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of the currency of payment of foreign tax at the telegraphic transfer buying rate on the date on which such tax has been paid or deducted. (6) In a case where any tax is payable under the provisions of section 115JB or 115JC of the Act, the credit of .....

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tion 115JB or 115JC exceeds the amount of tax credit available against the normal provisions, then while computing the amount of credit under section 115JAA or section 115JD in respect of the taxes paid under section 115JB or section 115JC, as the ca .....

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specifying the nature of income and the amount of tax deducted therefrom or paid by the assessee. However, in a case where the foreign tax is deducted at source, the assessee may furnish a certificate of tax deducted from the person responsible for .....

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