RSM India

Foreign Tax Credit

Newsflash: Form 67 enabled on Income tax e-filing portal for claiming foreign tax credit Relief

4 October 2017
A Resident taxpayer (Individual, Companies, Partnership firms, etc.) who have already paid tax in another country on amounts of foreign income and gains, may claim Foreign Tax Credit Relief in India to avoid being taxed twice on the same income.

Newsflash - Overview of the Draft Foreign Credit Rules released by CBDT

22 April 2016
For companies and other business entities having cross-border transactions, wherein they are eligible to claim credit of foreign tax against their taxable income in India, there did not exist a mechanism for availment of such credit.