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Thus, in case of citizen individuals, there may appear a book area the aforementioned assets is taxable in both the countries i.e. in the antecedent country, area assets is becoming and the citizen country, i.e. India, area alone earning such assets qualifies as a resident. This may aftereffect in bifold taxation of the aforementioned assets as per the calm tax laws of both the countries.



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In adjustment to abstain such bifold taxation, India grants abatement beneath its calm tax laws in the anatomy of ‘foreign tax credit’ (FTC). Abatement from bifold taxation is additionally accessible beneath the Bifold Taxation Avoidance Agreements (DTAA) entered into by India with several countries. DTAA basically allocates the demanding rights amid the citizen country and the antecedent country.

In case of assertive streams of income, the DTAAs may accord demanding appropriate to alone one country and absolved such assets in the added country. For example, amusing aegis allowances and added accessible alimony paid by a US aggregation to an Indian citizen is taxable alone in the US, accountable to assertive conditions. On the contrary, in abounding cases of assets from altered sources such as basic gains, dividend, etc., both the country of abode and country of antecedent are advantaged to tax such assets and a abatement is accessible in the anatomy of FTC in the country of residence.



In such a case, the alone can account tax paid in the antecedent country adjoin tax payable in the country of residence. As per calm tax laws of India, acclaim adjoin adopted taxes is acceptable to the admeasurement of lower of the following:

• India tax accountability on the doubly burdened adopted income; or



• Tax paid in the adopted country.

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For example, allotment paid by a US aggregation to an Indian citizen is taxable in US as able-bodied as India. In such a case, Indian citizen can affirmation acclaim for any tax paid on allotment in the US to the admeasurement of tax payable in India on such allotment (as per DTAA amid India and US). In case there is no tax payable in India for any reason, a acclaim or acquittance cannot be claimed in India for the taxes paid in the adopted country.

In adjustment to affirmation FTC, the aborigine is appropriate to accouter a account of adopted assets and taxes paid after in Anatomy 67 which is appropriate to be filed electronically forth with the acceptance of assets on or afore the due date of filing acceptance of income. For example, in case of a being accepting alone bacon income, the due date of filing the tax acceptance for banking year 2019-20 is 31 July 2020. In case such a being is accountable to pay tax in India on any adopted antecedent assets on which taxes accept been paid/withheld overseas, the Anatomy 67 accouterment capacity of such adopted assets and taxes is appropriate to be filed afore 31 July 2020.

Along with Anatomy 67, the aborigine is appropriate to upload a affidavit advertence attributes of adopted assets and tax paid/deducted issued by any of the following:

• Tax ascendancy of the adopted country; or

• Being amenable for deduction/withholding of tax overseas; or

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• Self-declaration by the aborigine (valid if accompanied by acceptance of tax acquittal or affidavit of answer of tax).

Further, the aborigine is appropriate to ample the Schedule Adopted Antecedent Assets (FSI) and Schedule tax Abatement (TR) of the acceptance of income, wherein capacity such as aborigine identification cardinal in the beyond country, blazon of adopted assets earned, bulk of income, adopted tax paid thereon, India tax payable on such assets etc. are appropriate to be disclosed.

While the apparatus to affirmation FTC appears beeline forward, there are assertive applied difficulties which a aborigine may face. One such instance is area the tax years are altered in the home country and the antecedent country. For example, India’s banking year is from 1 April to 31 March, admitting US and abounding added countries accept agenda year as budgetary year. The Indian tax acceptance for 1 April 2019 to 31 March 2020 is appropriate to be filed by 31 July 2020 and can be revised alone till 31 March 2021. However, the US tax acceptance for 2020 may not be filed by 31 March 2021. As a result, it would be about difficult to accouter affirmation in account of the adopted assets becoming during the aeon 1 January 2020 to 31 March 2020 and account adopted tax acclaim after in the absence of a agnate US tax return.

To booty addition example, in case an Indian citizen has becoming absorption assets in the US throughout the agenda year 2019. The alone would charge to action such absorption assets in India over a amount of two banking years, i.e. aeon 1 April 2018 to 31 March 2019 and the abutting banking year from 1 April 2019 to 31 March 2020. In such a case, FTC would be accessible appropriately beyond two banking years in the admeasurement of the assets offered to tax in anniversary banking year.

Also, it is important to agenda that Indian calm tax laws do not accommodate a apparatus for a aborigine to backpack aback or backpack advanced balance unutilized adopted tax credit.

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Further, area an agent campaign alfresco India and pays taxes overseas, as per the accepted law, administration cannot admission acclaim for such taxes while artful denial taxes on salaries. The agent can affirmation acclaim for such taxes alone at the time of filing return, which may aftereffect in a acquittance bearings and affect the banknote breeze in the easily of the employee. This has been a continued awaiting appeal of the companies who additional their advisers beyond to acquiesce acclaim for adopted taxes at the time of accretion denial tax on salary.

It is accordingly important for tax association in India who accept adopted antecedent assets to anxiously analyse such assets and adduce the all-important abstracts accompanying to the tax withheld on adopted income. While the law apropos to adopted tax acclaim has acquired over a aeon of time and it has become abundant simpler to affirmation the acclaim today, it is additionally hoped that the government takes cognisance of the applied difficulties and abode the aforementioned in abreast future.

Vikas Vasal is civic baton tax–Grant Thornton India LLP.

Nilpa Keval Gosrani contributed to this article.

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