Credit score on tax paid out of doors India can now be claimed after ITR submitting due date


The Central Board of Direct Taxes has now allowed taxpayers to say Overseas Tax Credit score (FTC) even after the due date of submitting Source of revenue Tax Go back (ITR), which is 31 July yearly until prolonged through the IT division.

As consistent with the CBDT notification, credit score on tax paid out of doors India may also be claimed through filing Shape 67 together with vital paperwork after the ITR due date and on or earlier than finish of review 12 months supplied ITR is filed inside the unique due date or of belated ITR.

“The observation in Shape No 67 referred to in clause (i) of sub-rule (8) and the certificates or the observation referred to in clause (ii) of sub rule (8) will likely be furnished on or earlier than the top of the review 12 months related to the former 12 months through which the source of revenue referred within the sub-rule (1) has been furnished inside the time specified below sub-section (1) or sub-section (4) of part 139,” the CBDT notification stated.

“The FTC can now be claimed even if submitting an up to date go back of source of revenue supplied Shape 67 is furnished earlier than submitting such go back,” stated Sachin Garg, Spouse- Direct Taxation, Nangia Andersen LLP.

Till now, taxpayers had been required to record their FTC claims through the due date of submitting ITR.

“This created many demanding situations for India tax citizens who’ve earned in another country source of revenue and incurred overseas taxes on such source of revenue as their overseas tax returns weren’t finalised through then,” stated Alok Agrawal, Spouse, Deloitte India.

Garg added: “This (amended rule) will no doubt increase ease of doing industry in India and save you taxpayers from dropping FTC completely if Shape 67 isn’t filed inside the due date of submitting go back of source of revenue.”

The amended rule is retrospectively efficient from April 2022. “Taxpayers can now record Shape 67 and related paperwork through March 2023 when it comes to their tax returns for the monetary 12 months 2021-22,” stated Agrawal.

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