I-T dept allows taxpayers more time to claim credit for taxes paid abroad

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The income tax department on Friday said taxpayers can claim credit for taxes paid outside India before the end of the assessment year if the I-T return is filed within the stipulated deadline. So far, Foreign Tax Credit (FTC) could have been claimed only if Form- 67 along with necessary documents were filed within the due date for filing the original return, thereby restricting the ability to claim credit for taxes paid outside India. The Central Board of Direct Taxes (CBDT) has amended tax Rules providing relief to taxpayers in claiming Foreign Tax Credit (FTC). In a tweet, the income tax department said "the Statement in Form No. 67 can now be furnished on or before the end of the relevan

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I-T dept allows taxpayers more time to claim credit for taxes paid abr

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Business Standard I-T dept allows taxpayers more time to claim credit for taxes paid abroad The income tax department on Friday said taxpayers can claim credit for taxes paid outside India before the end of the assessment year if the I-T return is filed within the stipulated deadline. So far, Foreign Tax Credit (FTC) could have been claimed only if Form- 67 along with necessary documents were filed within the due date for filing the original return, thereby restricting the ability to claim credit for taxes paid outside India. The Central Board of Direct Taxes (CBDT) has amended tax Rules providing relief to taxpayers in claiming Foreign Tax Credit (FTC). In a tweet, the income tax department said "the Statement in Form No. 67 can now be furnished on or before the end of the relevan

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