and Foreign Currency Account FCA are allowed. This was captured in statement issued by the Central Bank. According to the statement, OTC cash withdrawal in FEA and FCA is allowed. This is in line ...

Foreign Tax Credit (FTC) is a mechanism to provide relief to the taxpayers ... taxation of income through tax evasion or avoidance, credit of foreign taxes is allowed. 3. Additionally, in case of ...

Yes, FTC is also allowed for companies that are liable to pay tax under Minimum Alternate Tax (MAT). Yes, IndiaFilings offers expert assistance to ensure accurate filing of Form 67 and to help you ...

Historically, the US worldwide taxation system allowed for foreign tax credits (FTCs) on taxes paid abroad by controlled entities. This relief mechanism helps prevent double taxation for multinational ...

While the AMT limits certain deductions and credits, it does allow a portion of the foreign tax credit to reduce U.S. tax liability. However, specific rules govern how much of the credit applies ...

The tax department denied his foreign tax credit (FTC) for UK taxes paid, increasing his taxable income to Rs 84.17 crore, and initiated reassessment beyond the four-year statutory limit. The dispute ...

The reassessment was done too late and was not legally valid. If you earn money abroad, you are allowed to claim Foreign Tax Credit for taxes already paid outside India. The tax department cannot ...

We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up for any (or all) of our 25+ Newsletters. Some states have laws and ethical rules regarding solicitation ...

The Eleventh Circuit Court of Appeals recently held that a life insurance company did not breach its fiduciary duties by retaining the benefits that it derived from foreign tax credits.

As the world continues to become a smaller place with Americans working abroad as well as investing in overseas companies, the chances of being charged foreign taxes also occurs. From foreign ...