Foreign tax paid and the Indian tax attributable to that same income, laid out side by side per source — the difference computed so it's obvious at a glance which figure is the lower one Rule 128 requires you to claim.
Assessee: ___ · PAN: ___ · Previous year ended: ___ · Assessment Year: ___
Purpose: to work out, source by source, the foreign tax credit available under Section 90 (DTAA country) or Section 91 (non-DTAA country) read with Rule 128, and to support the figures that go into Form 67, filed electronically on or before the due date for filing the return of income.
Reading the last column: a POSITIVE figure means the Indian tax attributable to that income exceeds the foreign tax paid — the foreign tax credit for that source is capped at the foreign tax paid (the lower figure). A NEGATIVE figure means the foreign tax paid exceeds the Indian tax attributable — the credit is capped at the Indian tax figure instead (again, the lower of the two). Rule 128(1) allows credit only up to the lower amount, source by source; excess foreign tax over the Indian tax attributable is not creditable or refundable.
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