Tuesday, 6 December 2022

What would be the treatment of ๐ญ๐š๐ฑ๐ž๐ฌ ๐ฉ๐š๐ข๐ ๐ข๐ง ๐Ÿ๐จ๐ซ๐ž๐ข๐ ๐ง ๐œ๐จ๐ฎ๐ง๐ญ๐ซ๐ข๐ž๐ฌ ๐Ÿ๐จ๐ซ ๐ฐ๐ก๐ข๐œ๐ก ๐œ๐ซ๐ž๐๐ข๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐š๐ฏ๐š๐ข๐ฅ๐š๐›๐ฅ๐ž ๐ข๐ง ๐ˆ๐ง๐๐ข๐š?



Indian Income Tax Act does not allow refund in such cases but based on various judgments ๐ญ๐ก๐ž ๐ฉ๐จ๐ซ๐ญ๐ข๐จ๐ง ๐จ๐Ÿ ๐ญ๐š๐ฑ ๐Ÿ๐จ๐ซ ๐ฐ๐ก๐ข๐œ๐ก ๐œ๐ซ๐ž๐๐ข๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐š๐ฏ๐š๐ข๐ฅ๐š๐›๐ฅ๐ž ๐œ๐š๐ง ๐›๐ž ๐œ๐ฅ๐š๐ข๐ฆ๐ž๐ ๐š๐ฌ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ ๐๐ž๐๐ฎ๐œ๐ญ๐ข๐จ๐ง. For example, tax paid in say UK is Rs.1000/- whereas credit is only available for Rs.600/-, in this case Rs.400/- can be claimed as business deduction.
Various judgments in support of this view:
๐‘‰๐‘–๐‘Ÿ๐‘š๐‘Ž๐‘ก๐‘– ๐‘†๐‘œ๐‘“๐‘ก๐‘ค๐‘Ž๐‘Ÿ๐‘’ ๐‘Ž๐‘›๐‘‘ ๐‘‡๐‘’๐‘™๐‘’๐‘๐‘œ๐‘š๐‘š๐‘ข๐‘›๐‘–๐‘๐‘Ž๐‘ก๐‘–๐‘œ๐‘› ๐ฟ๐‘ก๐‘‘. ๐‘ฃ๐‘ . ๐ท๐ถ๐ผ๐‘‡ [๐ผ๐‘‡๐ด ๐‘๐‘œ.1826/๐ด๐ป๐ท/2019]
๐ต๐‘Ž๐‘›๐‘˜ ๐‘œ๐‘“ ๐ผ๐‘›๐‘‘๐‘–๐‘Ž ๐‘ฃ๐‘  ๐ด๐ถ๐ผ๐‘‡ [๐ผ๐‘‡๐ด ๐‘๐‘œ.869/๐‘€๐‘ข๐‘š/2018]
๐‘…๐‘’๐‘™๐‘–๐‘Ž๐‘›๐‘๐‘’ ๐ผ๐‘›๐‘“๐‘Ÿ๐‘Ž๐‘ ๐‘ก๐‘Ÿ๐‘ข๐‘๐‘ก๐‘ข๐‘Ÿ๐‘’ ๐ฟ๐‘ก๐‘‘. ๐‘ฃ๐‘ . ๐ถ๐ผ๐‘‡ [๐ผ๐‘‡๐‘… 75 ๐‘œ๐‘“ 1998, ๐ต๐‘œ๐‘š๐‘๐‘Ž๐‘ฆ ๐ป๐ถ]
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