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The Central Board of Direct Taxes amends the Income-tax Rules, 1962 to revise the deadline for furnishing Form No. 67 and related certificates for foreign tax credit claims. The taxpayer furnishes the statement and certificate on or before the end of the assessment year relevant to the previous year when the income is offered to tax in India, provided the return is furnished within the time specified under section 139. If the taxpayer furnishes an updated return under sub-section (8A) of section 139, the taxpayer furnishes Form No. 67 on or before the date of furnishing that updated return. These rules come into force retrospectively from the 1st day of April, 2022.
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MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION
New Delhi, the 18th August, 2022
INCOME-TAX
G.S.R. 636(E).—In exercise of the powers conferred by clause (ha) of sub-section (2) and sub-section (4) of section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
(2) They shall be deemed to have come into force from 1st day of April, 2022.
“(9) 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 end of the assessment year relevant to the previous year in which the income referred to in sub-rule (1) has been offered to tax or assessed to tax in India and the return for such assessment year has been furnished within the time specified under sub-section (1) or sub-section (4) of section 139:
Provided that where the return has been furnished under sub-section (8A) of section 139, 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) to the extent it relates to the income included in the updated return, shall be furnished on or before the date on which such return is furnished.”.
[Notification No. 100/2022/F. No. 370142/35/2022-TPL]
NEHA SAHAY, Under Secy.
Explanatory Memorandum: This amendment is effective from the 1st day of April, 2022 so that it applies to all the claims of foreign tax credit furnished during the financial year 2022-2023. It is hereby certified that no person is being adversely affected by giving retrospective effect to this rule.
Note : The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S.O. 969 (E) dated the 26th March, 1962 and last amended vide notification number G.S.R 634 (E) dated 17th August, 2022.
