Supreme Court: Asking a Woman to Adjust in Marriage Does Not Amount to Cruelty By In-Laws || Supreme Court Reiterates That Police Must Obtain Magistrate’s Permission For Further Investigation || Supreme Court Upholds GST on Online Gaming, Ruling it Falls under Betting and Gambling || Supreme Court: ECI Can Examine Citizenship For Electoral Rolls, But its Ruling is Not Final || Supreme Court: Centre Must Consider State’s Views Before Rejecting All India Services Officer's VRS || Madras High Court Bans Cow and Calf Slaughter For Bakrid, Saying it is Not an Essential Sacrifice || Gauhati High Court: Confessions under Section 164 CrPC are Inadmissible if Police are Present || Delhi HC: On-Duty Driver is Entitled to Compensation Unless Murder Was Personal and Targeted || SC: High Courts Exercising Probate Jurisdiction Can Order Probes Into Estate Irregularities || SC: High Courts Exercising Probate Jurisdiction Can Order Probes Into Estate Irregularities

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 :