The CBDT has issued a press release dated 18.04.2016 stating that the Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes may prescribe rules specifying the procedure for grant of relief or deduction of income-tax paid in any country or specified territory outside India, under section 90/ 90A/ 91 of the Act against the income-tax payable under the Act. Accordingly, the CBDT has framed the draft rules for grant of Foreign Tax Credit. The CBDT has invited comments from stakeholders and general public by 02.05.2016 at the email address dirtpl4@nic.in or by post at Director (TPL-IV), Central Board of Direct Taxes, Room No. 147-F, North Block, New Delhi.
CBDT Issues Draft Rules For Grant Of Foreign Tax Credit
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[…] Paras Dawar has meticulously analyzed the draft rules for grant of foreign tax credit issued by the CBDT and explained its nuances. He has also identified the provisions which have the potential to create […]
Very good decision of the Government on the subject matter and issue in the interest of general public and to reduce the ambiguity