INCOME TAX Timeline For Filling Form 67 under Income tax

Timeline For Filling Form 67 under Income tax

Timeline For Filling Form 67 under Income tax

What is Timeline For Filling Form 67 under Income tax act ? 

 

FTC would be claimed only if income tax Form-67, along with the required documents, was filling within timeline date for filing original Income-tax return in India,

As per Latest amendment Income tax taxpayer restricting ability of claiming Foreign Tax Credit for taxes paid at Foreign nation. This may generated so-many challenges for residents of India who have getting income via earned abroad & incurred foreign taxes on such income as their abroad income tax returns were not filing by then.

So many cases pending at different appellate forums such as High Courts & commissioner of income tax (Appeals) related with foreign Tax Credit’s because, there have been different law interpretations on the Foreign Tax Credit allowability in the case of belated filing of income tax Form 67. In few matter, it has also been interpretations that Foreign Tax Credit can not be denied to assessee for mere delay in filing income tax Form 67. So, Income tax assesses in this cases have been able to claim the Foreign Tax Credit even after filing the income tax Form 67 after the due date of filing the original income tax return under Income tax act.

So lastly, Central Board of Direct Taxes has amended Income tax Rule 128 to provide that income tax Form 67 can be filed till the end of AY relevant to the previous year in which the income corresponding to the Foreign Tax Credit has been offered to income tax in India, & the Tax return for such assessment year has been filed within the prescribed time line specified U/S Section 139(4) (belated return). Or U/s 139(1) (original return)

Moreover said amendment has made it clear that in cases where any income tax assessee has submitted a Income tax return U/s 139 (8A) of Income tax Act, If Income tax assessee files the Form 67 that relates to the income on or before the day the return is submitted, Then, assessee may claim Foreign Tax Credit in connection to the income reported in such updated return.Since this changes takes effect retroactively on April 1, 2022, so This Foreign Tax Credit claims filed during the current Financial Year i.e. 2022–2023, are qualified for this FTC benefit.

What are the documents to be file For Claiming Foreign Tax Credit

As per income tax Rule 128, for claiming Foreign Tax Credit, the income tax asssesse is needed to file below list of documents:

1)  A certificate or statement specifying nature of income & Amount of withholding tax or paid by the income tax taxpayer:

  • From Person responsible for deducting such tax, or
  • From Tax authority of the country outside India, or
  • Assessee signed

2)  A statement of foreign income offered to tax for the PY of foreign tax paid or deducted on such income in Form No. 67.

3) appropriate payment of taxes Proof in the country outside India.

Form 67 is important documents to be file to Tax dept. in prescribed due date to claim FTC under Form 67 which have 4 four part.

·         Part A contains assessee’s Name, PAN or Aadhaar, Address and AY, Foreign Tax Credit claimed, Income receipt details of the income from the country outside India,

·         Part B contains details of refund of foreign tax due to carry backward of losses & disputed foreign tax.

·         Verification have a self-declaration form in which the assessee has to affirm that the details provide in Part-A & Part-B is complete & accurate.

·         Attachments must have a copy of the statement or certificate & proof of deduction/ payment of foreign tax 

To Sum Up

The aforementioned amendment will definitely give taxpayers who receive income from abroad much-needed relief and safeguard them from completely losing the benefits of the Foreign Tax Credit. Since it has eliminated any potential for misinterpretation or ambiguity regarding the deadline for filing Form 67 and the credit's eligibility, which was brought on by various legal precedents over the years, it will also reduce tax disputes on FTCs.

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480

Share This Post

Related Articles

Related Videos


E.FILING OF INCOME TAX RETURN | What is e-filing of income tax | Steps to file

E.filing of Income Tax Return | What is e-filing of income tax | Steps to file

Published On: Jan 03, 2022 | By: RJA

Need help?

Request a call
from a RJA
Business Advisor.

LET'S TALK

Private Limited Company

Popular Categories

Browse Blogs

Recent Posts

Shift between old and new tax regime, Cant come back to old tax regime

Shift between old and new tax regime, Cant come back to old tax regime

India crypto TDS % on cryptocurrency trading

India crypto TDS % on cryptocurrency trading

Tax & Statutory Compliance Calendar for February 2023

Tax & Statutory Compliance Calendar for February 2023

Time Schedule for Filling of GST Refund Application

Time Schedule for Filling of GST Refund Application

Tax & Statutory Compliance Calendar for January 2023

Tax & Statutory Compliance Calendar for January 2023

Connect with a RJA Advisor

Fields marked with an * are required

Enquire Us

Please send us your query and we feel very happy helping you

Testimonials

  • Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.

    A US consultancy group

  • Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.

    A Leading Service Provider

  • We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.

    A Leading Consultancy Firm in Dubai

Money Back Guarantee

Not happy with the service? You can request a refund at anytime within 30 days!

24/7 Support

Get support through phone, email, mobile app or live chat - 24/7, 365 days.

EMI Payment

Easily pay online with EMI payments, credit or debit card, net banking, PayPal and more.

Get In Touch--

Rajput Jain & Associates

Add: P-60, Connaught Circus, Connaught Place, New Delhi-110001

Email: singh@carajput.com

Phone: 9555555480

Legal Disclaimer--

The information contained on this website merely provides details of our firm to persons who have shown interest in knowing more about us and is not intended to solicit work or advertise our capabilities in any manner. The information provided on this website is general in nature and should not be used as a basis of decision-making without further professional advice. The third party site links are only provided for ready reference of the users and CA Rajput Jain & Associates neither controls their content nor undertakes any responsibility regarding them.

© 2016 Rajput Jain & Associates. All Rights Reserved | Sitemap

Call Email