The CBDT vide Notification No. 100/2022 dated August 18, 2022 has issued amendments in Rule 128 of the Income-tax Rules, 1962 (“the IT Rules”), to provide major relief to taxpayers in claiming Foreign Tax Credit (“FTC”). The Statement in Form No. 67 can now be furnished on or before the end of the relevant Assessment Year (“AY”).
The pre-amended Rule required the FTC claim to be filed by the due date of furnishing the Income Tax Return (“ITR”). The amendment operates retrospectively so that this benefit is available to all FTC claims filed during the current Financial Year (“FY”).
The Complete Notification can be accessed at: https://www.incometaxindia.gov.in/communications/notification/notification_no_100_2022.pdf
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