Tag Archives: Foreign tax credit

Foreign tax credit allowed gross receipts basis

Foreign tax credit allowed on basis of gross receipts The Ahmedabad Bench of the Income-tax Tribunal held that the foreign tax credit is applicable with respect to “ income ”—and not “gross receipts.” However, the tribunal allowed the taxpayer’s claim for foreign tax credit on the basis of “ gross receipts. ” The case is:… Read More »

Foreign Tax Credit rules notified by CBDT

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] Income-tax Notification No. 54/2016 New Delhi, the Dated: 27th June, 2016 S.O.2213(E).─ In exercise of the powers conferred by clause(ha) of sub-section (2) of section 295… Read More »

Foreign Tax Credit , Draft Rules of CBDT

DRAFT RULES FOR GRANTING RELIEF OR DEDUCTION UNDER SECTION 90/90A/91 OF THE INCOME-TAX ACT, 1961 LETTER [F.NO.142/24/2015-TPL], DATED 18-4-2016 Clause (ha) of sub-section (2) of section 295 of the Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes (CBDT) may prescribe rules specifying the procedure for the granting of relief or… Read More »