CBDT Extends Time-limit for Furnishing of Form 67 (FTC)
- Blog|News|Income Tax|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 22 August, 2022
Latest from Taxmann
Notification No. 100/2022, dated 18-08-2022
Where an assessee has paid tax in any country or specified territory outside India, he can claim a credit for the same. The credit is allowed in the year in which assessee offers such income to tax. The credit shall be lower of the tax payable on such income under the Income-tax Act and foreign tax paid on such income. If the amount of foreign tax exceeds the amount of tax payable as per the provisions of the DTAA, such excess shall be ignored while calculating the Foreign Tax Credit (FTC).
Rule 128 of the Income-tax Rules, 1962 provides norms for allowing FTC to a taxpayer. As per said rule, to claim the foreign tax credit, the assessee shall furnish a statement of income offered to tax for the previous year and foreign tax which has been deducted or paid on such income. Such statement shall be furnished electronically in Form No. 67 on or before the due date for furnishing his return of income under section 139(1), i.e., original return of income.
The Central Board of Direct Taxes (CBDT) has amended Rule 128 to provide that Form 67 can be furnished on or before the end of assessment year where return of income for such assessment year has been furnished within the time specified under Section 139(1) or Section 139(4).
Where an updated return has been furnished by the assessee under Section 139(8A), Form 67 (relating to income included in updated return) shall be furnished on or before the date of filing of such updated return.
The amendment is effective from 01-04-2022 and thus applies to all the FTC claims furnished during the financial year 2022-2023.
Click Here To Read The Full Notification
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
