Supreme Court Issues Directions to Speed Up MACT Claims Amid Six-Year Average Pendency || Supreme Court: Sex Selection Practices Continues Due to Preference For Male Children || Supreme Court: Injury From a Fallen Tree is Not a Motor Accident for MACT Claims || Madras HC: Recent Tamil Nadu Elections Reflect Voting Beyond Caste and Community Considerations || Supreme Court: Children Should Not Undergo Psychological Tests in Custody Cases Unless Necessary || Jharkhand HC: Lokayukta Cannot Delegate Core Adjudicatory Powers Even in Case Against Brother || Ker HC: Complainant Can Invoke Presumptions After Proving Transaction, Cheque Execution Convincingly || Supreme Court Cancels SARFAESI Auction Sale After 16 Years Due to a 5-Day Payment Delay || Jhar HC Orders 2-Month Probe Deadline, DGP Monitoring to Overhaul Sexual Violence Response in State || Delhi HC: Social Media Cannot Undermine Judiciary; Intermediaries Must Act Without Court Orders

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 :