Time limit for filling form 67 for claiming foreign tax credit increased

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Form 67 can now be furnished on or before the end of the relevant Assessment Year

due date for filling form 67 extended

CBDT vide notification no 100/2022 dated 18th August 2022 amends Rule 128 of the Income-tax Rules, 1962, providing major relief to taxpayers in the matter of claiming Foreign Tax Credit (FTC). The Statement in Form No. 67 can now be furnished on or before the end of the relevant Assessment Year. Earlier Form 67 was required to be filed before the due date of filing of return as specified u/s 139(1).

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. 

Why do assessee need to submit Form 67?

Form 67 will be required to submit if assessee want to claim credit of foreign tax paid in a country or specified territory outside India. Assessee will also be required to submit Form 67 in case of carry backward of loss of the current year resulting in refund of foreign tax for which credit has been claimed in any earlier previous years.

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