Procedure for filing Statement of Foreign income and Foreign Tax Credit by resident assessee

Procedure for filing Statement of Foreign income and Foreign Tax Credit by resident assessee by online filing Form 67

Foreign Tax Credit

DGIT(S)-ADG(S)-3/e-filing notification/form67/              /2017

Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income Tax (Systems)

Notification No 9

New Delhi,   19th September , 2017

Procedure for filing Statement of income from a country or specified territory outside India and Foreign Tax Credit

Foreign Tax Credit

An assessee, being a resident shall be allowed a credit for the amount of any foreign tax paid by him in a country or specified territory outside India, by way of deduction or otherwise, in the year in which the income corresponding to such tax has been offered to tax or assessed to tax in India, in the manner and to the extent as specified in rule 128 of the Income tax (18th amendment) rules, 2016.

As per sub-rule 9 of rule 128 the statement in Form No.67 referred to in clause (i) of sub­ rule (8) and the certificate or the statement referred to in clause (ii) of sub-rule (8) shall be furnished on or before the due date specified for furnishing the return of income under sub-section  (1) of section 139, in the manner specified for furnishing such return of income.

In exercise of the powers delegated by Central Board of Direct Taxes (‘Board’) under rule 12(4) of the Income tax Rules 1962, the Principal Director General of Income-tax (Systems) hereby lays down the following procedures:

1.  Online filing of Form 67:

All assessee’s who are required to file return of income electronically under section 139(1) as per rule 12(3) of the income tax rules 1962, are required to prepare and submit form 67 online along with the return of income if credit for the amount of any foreign tax paid by the assessee in a country or specified territory outside India, by way of deduction or otherwise, i n the year in which the income corresponding to such tax has been offered to tax or assessed to tax  in India.

2.  Preparation and Submission of Form 67:

Form 67 shall be available to all the assessee’s login. The assessee is required to login into the e-filing portal using their valid credentials. A link for filing the Form has been provided under “e-File -7  Prepare and Submit Online Forms (Other than ITR)”. Select form 67 and assessment year from the drop down. Instructions to fill the form are enclosed along with the form. The completed Form 67 can  be submitted  by  clicking  on “Submit”  button.  Digital Signature Certificate or Electronic Verification Code is mandatory to submit Form 67.

3. Submission of Form 67 shall precede filing of return of income.

 (Ramesh Krishnamurthi)
Addl DG (Systems)-3, CBDT

Copy to:-

  1. PPS to the Chairman and Members, CBDT,North Block, New Delhi.
  2. All Chief Commissioners/ Director Generals of Income tax- with a request to circulate amongst all officers in their regions/ charges.
  3. JS (TPL)-I & II/Media coordinator and Official spokesperson of CBDT
  4. DIT (IT)/ DIT (Audit)/ DIT(Vig.)/ADG(System)1,2,3,4,5/ CIT(CPC) Bangalore, CIT(CPC-TDS) Ghaziabad.
  5. ADG (PR. PP&OL) with a request for advertisement campaign for the Notification
  6. TPL and ITA Divisions of CBDT
  7. The Institute of Chartered Accountants of India, IP Estate, New Delhi
  8. Web Manager, “incometaxindia.gov.in” for hosting on the ‘website.
  9. Database cell for uploading on irsofficersonline.gov .in and in DG System’s corner.
  10. ITBA publisher for uploading on ITBA website .

 (Ramesh Krishnamurthi)
Addl DG (Systems)-3, CBDT

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