Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Foreign Tax Credit - Income-tax (18th Amendment) Rules 2016

Income Tax - 54/2016 - Dated:- 27-6-2016 - GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] Income-tax NOTIFICATION 54/2016 New Delhi, the 27th June, 2016 S.O.2213(E).─ In exercise of the powers conferred by clause(ha) of sub-section (2) of section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

onding 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: Provided that in a case where income on which foreign tax has been paid or deducted, is offered to tax in more than one year, credit of foreign tax shall be allowed across those years in the same proportion in which the income is offered to tax or assessed to tax in India. (2) The foreign tax referred to in sub-rule (1) shall mean,- (a) in respect of a country or spe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

available against the amount of tax, surcharge and cess payable under the Act but not in respect of any sum payable by way of interest, fee or penalty. (4) No credit under sub-rule (1) shall be available in respect of any amount of foreign tax or part thereof which is disputed in any manner by the assessee: Provided that the credit of such disputed tax shall be allowed for the year in which such income is offered to tax or assessed to tax in India if the assessee within six months from the end o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

cified territory outside India and shall be 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: Provided that where the foreign tax paid exceeds the amount of tax payable in accordance with the provisions of the agreement for relief or avoidance of double taxation, such excess shall be ignored for the purposes of this clause; (ii) the credit shall be determined by conversion of the cu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e normal provisions ). (7) Where the amount of foreign tax credit available against the tax payable under the provisions of section 115JB or section 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 case may be, such excess shall be ignored. (8) Credit of any foreign tax shall be allowed on furnishing the following .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sponsible for deduction of such tax; or (c) signed by the assessee: Provided that the statement furnished by the assessee in clause (c) shall be valid if it is accompanied by,- (A) an acknowledgment of online payment or bank counter foil or challan for payment of tax where the payment has been made by the assessee; (B) proof of deduction where the tax has been deducted. (9) The statement in Form No.67 referred to in clause (i) of sub-rule (8) and the certificate or the statement referred to in c .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rate shall have the same meaning as assigned to it in Explanation to rule 26. 3. In the said rules, in Appendix-II, after Form No.66, the following Form shall be inserted, namely:- FORM NO. 67 [See rule 128] Statement of income from a country or specified territory outside India and Foreign Tax Credit Part-A 1. Name of the assessee _________________________ 2. PAN 3. Address_____________________________________________________________ 4. Assessment year __________________________________ 5. Det .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of tax as per Double Taxation Avoidance Agreements Amount (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) Salary House property Business/ professional income Long term capital gain Short term capital gain Interest income Dividend Royalty not being part of business income Fees for technical services not being part of business income Others (specify) Part-B 1. (a) Whether any refund of foreign tax has been claimed in any prior accounting year as a result of carry backward of losses Yes/ N .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version