SC: ‘Abandonment of Service is Not Voluntary Retirement’, Denying SBI Clerk Pension Benefits || Supreme Court: Stranger Affected by an Interim Order is Entitled to be Impleaded in Writ Proceedings || Supreme Court: Courts Cannot Replace an Authority’s Discretion, and Sets Aside Direction to Governor || SC: Title Suit Hit by Constructive Res Judicata if Omitted in Prior Injunction Suit Disputing Title || SC Clarifies Whether a Co-Operative Society Can Act as a Resolution Applicant under the IBC || Chhattisgarh High Court: Innocent Litigants Should Not be Penalized For Lapses by Their Lawyers || Delhi High Court: Marriage With the Victim Cannot Absolve an Accused of Rape under POCSO || J&K&L HC: Acquisition Lapses if 80% Compensation is Unpaid Before Possession under Section 17A || Delhi HC: Policy Number is Not Mandatory For LIC Details under RTI, But Basic Details are Required || SC: Courts Must Curb Unlicensed Money Lenders; Probes Need Not Wait For New Law

Income Tax Amendment Rules- (Ministry of Finance ) (27 Jun 2016)

MANU/CBDT/0065/2016

Direct Taxation

The Central Board of Direct Taxes notified the 18th and 19th amendments to the Income Tax Rules 1962, introducing provisions for “foreign tax credit” and valuation of assets.

The Rules allow an assessee to claim credit for amounts on which foreign tax has been paid in a specific territory. Benefit will be by way of deduction in the year in which income was taxed.

Provisions for the “Determination of value of assets and apportionment of income in certain cases” provide for assessment of fair market value of assets, determination of income attributable to assets in India.

Relevant : Income tax (19th Amendment) Rules 2016 MANU/CBDT/0066/2016

Tags : FOREIGN TAX CREDIT DEDUCTION

Share :