Supreme Court Raises Concerns over MACT Rulings, Seeks Clear and Well-Reasoned Findings || Supreme Court Revives over Rs.16 Crore Service Tax Demand Against BPCL and HPCL in CNG Sales Case || Supreme Court Reduces Gang Rape Convict's Sentence to 20 Years, Cites Reform Prospects || Rajasthan High Court: NI and Commercial Court Proceedings Equal, Grants Accused Original Records || Bombay HC: Officials, Not Taxpayers, Must Pay For Losses From Illegal Project Cancellations || Karnataka HC: Major Unmarried Daughter can Claim PG Education Costs under Domestic Violence Act || Punjab & Haryana HC Calls For Wisdom Amid Lawyers' Strike over LADCS || Kerala HC Orders SIT to Conclude Sabarimala Gold Theft Probe After National Metallurgical Lab Report || Delhi HC Lifts Gag Order on the Wire; Prior Restraint in Defamation Not Sustainable || Delhi HC: Parents Fined Rs.2 Lakh over False Birth Date for School Admission

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 :