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On 18th August 2022, the Ministry of Finance issued a Notification concerning The Central Board of Direct Taxes enacting amendments to Rule 128 of the Income Tax Rules 1962, exercising its power conferred under Section 295(a)(2)(4). This Rule has been named Income Tax (27th Amendment Rules), 2022. The amendment shall come into force from 1st April 2022, with retrospective effect. Hence, it can be applied to all claims of FTC furnished during the Financial Year 2022-23, along with certifying that no assessee is to be adversely affected by the retrospective effect.
Prior to Pre-Amendment, Rule 128 of Income Tax Rules 1962 required the Foreign Tax Credit (FTC) to be filed “by the due date” of the Return of Income. Whereas the latest amendment operates retrospectively, making it beneficiary as it is available for the FTC claim to be filed “during the financial year”.
CBDT extend time to file Form – 67 for claiming foreign tax credit
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