Foreign Tax Credit Rules Amended by CBDT

Foreign Tax Credit Rules Amended by CBDT

The Central Board of Direct Tax (CBDT) has amended rules regarding Foreign Tax Credit (FTC). It has provided major relief to taxpayers in the matter of claiming FTC.

Accordingly, the Statement in Form No. 67 can now be furnished on or before the end of the relevant Assessment Year (AY). The amendment shall be deemed to have come into force from 1st day of April, 2022.

However, the pre-amended Rule required the FTC claim to be filed by the due date of furnishing the Income Tax Return. The amendment operates retrospectively so that this benefit is available to all FTC claims filed during the current Financial Year.

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