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TMI BlogUnder Section 90/90A/91 of IT Act 1961 - Draft Rules for Granting Relief or DeductionX X X X Extracts X X X X X X X X Extracts X X X X ..... or deduction, as the case may be, of any income-tax paid in any country or specified territory outside India, under section 90 or section 90A or section 91 , against the income-tax payable under the Act. II. A Committee was set up by CBDT to suggest the methodology for grant of Foreign Tax Credit (FTC) after examining the various issues related to it. After due consideration of the issues ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e tax covered under the said agreement; (b) in respect of any other country or specified territory, the tax payable under the law in force in that country in the nature of income-tax referred to in clause (iv) of the Explanation to section 91 . (3) The credit for foreign tax shall be available against the amount of tax, surcharge and cess payable under the Act but not in respect of any s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 115JB or 115JC of the Act , the credit of foreign tax shall be allowed against such tax in the same manner as is allowable against any tax payable under the normal provisions of the Act. (7) Where the amount of foreign tax credit available against the tax payable under the provisions of section 115JB or 115JC exceeds the amount of tax credit available against the normal provisions, then ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the payment of foreign tax has been made by the assessee; and (iii) a declaration that amount of foreign tax in respect of which credit is being claimed is not under any dispute. III. The comments and suggestion of stakeholders and general public on the above draft rules are invited. The comments and suggestions may be submitted by 02nd May, 2016 at the email address ([email protected]) o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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