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Introduction
As per Rule 128 of the Income Tax Rules, 1962, a resident taxpayer is eligible to claim credit for any foreign tax paid, in a country or specified territory outside India. The credit shall be allowed only if the assessee furnishes the required particulars in Form 67 within the specified timelines.
Form 67 can only be submitted through online mode. This service enables the registered users to file Form 67 online through the e-Filing portal.
Prerequisites for availing this service
A resident taxpayer who has credit for the amount of any foreign tax paid in a country outside India by way of deduction or otherwise will be required to furnish the statement in Form 67 on or before the due date specified for furnishing the return of income under sub-section (1) of Section 139 to claim credit of such taxes.
Form 67 will also be required to be furnished in case the carry backward of loss of the current year results in refund of foreign tax for which credit has been claimed in any earlier previous years.
Due Date to furnish Form 67
Form 67 can be filed on or before the end of an assessment year if the return of income for that year was filed within the time stipulated in Section 139(1) or Section 139(4).
Contents of Form 67
Part A: Part A contains basic information, such as name, PAN or Aadhaar number, address, assessment year, receipt of details of the income from a country outside India and details of foreign tax credit claimed.
Part B: Part B contains details of refund of foreign tax as result of carry backward of losses and disputed foreign tax.
Verification: This section contains a self-declaration form as per the Income Tax Rules, 1962.
Attachments: The last section is attachments, where the taxpayer needs to attach a copy of the certificate or statement and proof of payment or deduction of foreign tax.
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