P&H High Court: Re-Investigation Cannot Nullify Existing Acquittal Despite Breach of Stay Order || Gujarat HC: Illegal Mining Vehicle Complaints Must Be Filed Before Sessions Court, Not Magistrate || Delhi High Court Lays Down Registry Directions for Dealing with Insufficiently Stamped Arbitral Award || Delhi High Court: Victims Need No Leave to Appeal Acquittal or Conviction for Lesser Offence || SC: Limitation Act Inapplicable to Revisions under Karnataka Land Revenue Act || SC: Banks Can Invoke SARFAESI for Loans Acquired from NBFCs Outside the Act || SC: Gujarat Prohibition Act Does not Bar Interim Seized Vehicle Release || Supreme Court Quashes Rs. 425-Crore Customs Penalty Based on AI-Generated Fake Case Laws || SC: Guilt cannot be Presumed Solely Due to Collusion Allegations against Investigating Officer || SC: Clarificatory Statement Does Not Constitute a Binding Undertaking for Contempt Proceedings

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 :