Practical Handbook on Tax Issues in Foreign Remittance and Foreign Tax Credit

With the economy being liberalised, the number of international transactions taking place in India has increased tremendously. There are certain compliances prescribed under the Income tax law relating to such foreign remittances made from India. Consequently more and more assessees are now required to fulfill such compliances prescribed under the Income-tax Act in relation to the foreign remittances. This book addresses the issues faced by assessees while making remittances in foreign currency. Also the other part in the book deals with the foreign tax credit, ie, entitlement/benefit of tax deducted by overseas parties and available to assessees in India. The book discusses all the legal and practical aspects of these topics to help the assessees in fulfilling the requirements and claiming benefit.

Key features

• Discussion of procedural and legal aspects of the topics.
• Provides guidance regarding various forms to filed, in respect of foreign remittances.
• Covering requirements under Foreign Exchange Regulations.
• Analysis of judicial pronouncements relating to the issues.
• Discussion with the help of practical examples.
• Analysis of most common treaty countries with respect to tax rates and claiming tax credit.