India: Guidance regarding filing of Form 67 for individual taxpayers to claim foreign tax credit
Credit for foreign tax paid outside India on income also taxed in India
Individual taxpayers to claim foreign tax credit
The Central Board of Direct Taxes (CBDT) issued guidance regarding filing of Form 67 to claim a credit for foreign tax paid outside India on income also taxed in India.
Specifically, the guidance provides that:
- For original and belated returns, Form 67 can now be filed on or before the end of the assessment year relevant to the tax year in which the relevant income was subject to tax. Previously, Form 67 was required to be furnished on or before the due date of filing the return.
- For updated returns, as introduced in Budget 2022, Form 67 must be filed on or before the due date for such return.
The guidance applies to all claims for foreign tax credits filed during the 2022-23 financial year.
Read an August 2022 report [PDF 237 KB] prepared by the KPMG member firm in India
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