Good news for ITR filers. The Income Tax Department has given a big relief to the taxpayers.
The Income Tax Department of India has given a big relief to taxpayers claiming Foreign Tax Credit (FTC).
Let us tell you that the Central Board of Direct Taxes (CBDT) has amended the rule related to FTC.
CBDT (Central Board of Direct Taxes) has made changes in rule number 128 of the Income Tax Act 1962.
Now the statement in Form No. 67 can be produced on or before the end of the relevant assessment year.
Taxpayers filing Income Tax Returns (ITR) can claim credit for tax paid outside India till the end of the assessment year.
This was confirmed by the Income Tax Department through a tweet related to Form number 67.
The CBDT has decided to implement this amendment with effect from the retrospective date i.e. April 1, 2022.
Now, this facility can be availed on all FTC credit claims submitted in the current financial year.
Let us tell you that the last date for filing ITR has passed. More than 5 crore taxpayers had filed tax returns till the last date.
Taxpayers who file their ITR on or after August 1, will have to verify within 30 days, or else the ITR will be considered invalid.