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Whether unclaimed foreign tax credit be allowed as deduction under section 37(1)

November 2, 2018
The government of the day has set up a new task force for revising of decades old Income Tax Act. The new Act will be drafted to remove the present ambiguities and to bring at par with the International best practices. One such contentious and debatable issue existing in the Income Tax Act, 1961 ('the Act') for which no definite rule book exists relates to allowability of foreign tax credit ('FTC'). In this write up, an attempt has been made to delineate upon such issue.
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