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CBDT notifies rules for foreign tax credit, FMV

July, 04th 2016
In a separate notification, the CBDT also notified rules for calculating ‘fair market value’ of assets located in India in case of indirect transfer by multinational companies for the purpose of tax levy. Corporates earning income abroad will be able to claim credit for taxes, surcharges and cesses paid abroad with the tax department notifying Foreign Tax Credit rules. The rules, which come into effect from April 1, 2017, allow taxpayers to claim credit of foreign tax under dispute, once it is finally settled. FTC, however, will not be allowed in case of interest, fee or penalty. In a separate notification, the CBDT also notified rules for calculating ‘fair market value’ of assets located in India in case of indirect transfer by multinational companies for the purpose of tax levy. CBDT notifies foreign tax credit rules, corporates to gainFinance Ministry invites comments from stakeholders, publicBlack Money Act-Foreign asset valuation: Getting it rightLack of clarity, time - Key challenges in implementation of Black Money LawBlack money law: Centre notifies rules on overseas income, assetsOld wine in an old bottleCBDT notifies foreign tax credit rules, corporates to gainFinance Ministry invites comments from stakeholders, publicBlack Money Act-Foreign asset valuation: Getting it rightLack of clarity, time - Key challenges in implementation of Black Money LawBlack money law: Centre notifies rules on overseas income, assetsOld wine in an old bottleCBDT notifies foreign tax credit rules, corporates to gainFinance Ministry invites comments from stakeholders, publicBlack Money Act-Foreign asset valuation: Getting it rightLack of clarity, time - Key challenges in implementation of Black Money LawBlack money law: Centre notifies rules on overseas income, assetsOld wine in an old bottle As per the rule, the fair market value (FMV) of listed companies will be computed on the basis of a formula taking into account its market capitalisation, book value of liabilities and total number of shares. In case of an unlisted firm, the FMV would be determined by a merchant banker or accountant as per internationally accepted methodology.