There is news of relief for those filing income tax returns. CBDT has amended the Income Tax Rules. This amendment is related to claiming Foreign Tax Credit (FTC).
New Delhi. The Central Board of Direct Taxes (CBDT) has amended the Income Tax Rules to provide relief to taxpayers claiming Foreign Tax Credit (FTC). Prior to the amendment, filing of FTC claims was mandatory under the Income Tax Rules by the last date for filing income tax returns. Post change, this facility will be available for claims filed during the entire current financial year. Now form number 67 can be filled even after the last date of filing income tax return.
Form 67 is required to be filled along with the return for foreign tax credit.
As per the existing rules, for foreign tax credit, Form 67 has to be filed along with the return, currently for tax credit, Form 67 has to be filed on or before the last date of filing the return. CBDT has given relaxation on this today. Now taxpayers can file Form 67 for tax credit till the end of the assessment year.
The amendment is effective from April 1, 2022
The amendment is effective from April 1, 2022, so it will be applicable to all claims of foreign tax credit filed during the financial year 2022-23.
CBDT amends Income-tax rule providing relief to taxpayers claiming Foreign Tax Credit (FTC). Pre-amended rule required FTC claim to be filed by due date of furnishing Income Tax Return. Amendment operates so this benefit is available to claims filed during current financial year pic.twitter.com/jmyNOp3uF8
— ANI (@ANI) August 19, 2022
CBDT exempts overseas corporate entities from TCS for remittances
Apart from this, the Income Tax Department has exempted non-resident corporate entities and companies from 5 Fees TCS on remittances and travel packages abroad. This exemption has been given to those who do not have a permanent establishment or permanent place of work in the country. CBDT has notified changes in income tax rules and widened the scope of exemption. Earlier this exemption was only for migrant persons under Section 206 (1G) of the Income Tax Act.
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