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