Zee Media Bureau
New Delhi: Individuals and companies are soon likely to get a relief from double taxation on their overseas income. The Central Board of Direct Taxes (CBDT) has released draft guidelines which allow Indian taxpayers to claim deduction or credit for taxes paid in foreign jurisdictions.
The draft guidelines propose that Indian taxpayers could offset tax, surcharge, cess or minimum alternate tax paid overseas; however no relief would be offered in case of any ongoing dispute.
Also, the tax payers would have to offer required proofs of foreign taxes paid to Indian authorities.
The CBDT has sought public comments on the proposed guidelines by May 2, 2016.