ITR Filling: Till now, the credit of tax deposited abroad (FTC) could be taken only if Form-67 along with the required documents was submitted within the stipulated time. This provision limited the ability to claim tax paid outside India.
Income Tax Return: Every year people have to file Income Tax Return in the country. Individual income tax payers had to file income tax returns for the financial year 2021-22 by 31 July 2022. At the same time, the Income Tax Department said that taxpayers who file income tax returns within the stipulated time can claim ‘credit’ for taxes paid outside India till the end of the assessment year. The Income Tax Department has also made a tweet regarding this. The Income Tax Department has given information about this change in one of its tweets.
Relief to taxpayers
“The details to be furnished in Form No. 67 can now be referred and furnished by the end of the assessment year,” the department said. Credit of tax deposited in (FTC) could be availed. This provision limited the ability to claim tax paid outside India.
CBDT amends Rule 128 of the Income-tax Rules, 1962, providing major relief to taxpayers in the matter of claiming Foreign Tax Credit (FTC). The Statement in Form No. 67 can now be furnished on or before the end of the relevant Asstt Year. Notification No. 100/2022 issued. (1/2) pic.twitter.com/I2U0vDAUZ3
— Income Tax India (@IncomeTaxIndia) August 19, 2022
Can take advantage of the facility
Keeping this problem in mind, the Central Board of Direct Taxes (CBDT) has now given relief to the taxpayers by changing the provisions related to claiming for FTC. The special thing is that CBDT has decided to implement this amendment retrospectively. Due to this, this facility can be availed on all FTC credit claims submitted in the current financial year.
Can claim
Sachin Garg, Partner (Direct Taxation), Nangia Andersen LLP, said that taxpayers who have submitted returns within the stipulated time can submit Form-67 along with the required documents to the FTC by the end of the assessment year. can claim. Let us tell you that getting the exemption to submit Form-67 by the end of the tax assessment year is a big relief for the taxpayers as now they can claim FTC even after submitting the return.
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