CBDT amends Rule 128 of the Income-tax Rules, 1962, providing major relief to taxpayers

CBDT amends Rule 128 of the Income-tax Rules, 1962, providing major relief to taxpayers in the matter of claiming Foreign Tax Credit (FTC). The Statement in Form No. 67 can now be furnished on or before the end of the relevant Asstt Year. Notification No. 100/2022 issued.

The pre-amended Rule required the FTC claim to be filed by the due date of furnishing the Income Tax Return. The amendment operates retrospectively so that this benefit is available to all FTC claims filed during the current Financial Year.

2 thoughts on “CBDT amends Rule 128 of the Income-tax Rules, 1962, providing major relief to taxpayers”

  1. Banks deduct tds on interest only at 10%.This poses problems for people on higher tax slab. They have to penalties for the difference in tax rates since banks intimate interest amount only at the last minute. Can Income tax Department instruct banks to deduct tds on interest at higher rates, of course, at written request of customers so that tax payers will be saved from unnecessary penalties.

  2. Prakaash Jumaani

    Good initiative.. even if there is a refund, the taxpayer will be eligible for interest on tax deposited

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