Hello Sir, My total tax liability in India is currently zero. I have a Foreign Tax Credit of ₹13,122. While I understand that the FTC can reduce my tax liability, I am uncertain if it can be claimed as a refund. Can you please confirm whether this amount can be refunded, or if it remains non-refundable?
@@teamitd3448 : Zero tax means , you have income however with deductions and on application of other aspects; it resulted in zero tax You need (would have ) to declare foreign income and accordingly pay Indian tax portion of it and using respective DTAA rate claim foreign tax relief. So your relief amount on foreign tax is independent of your final tax amount. You still can file form 67 with necessary tax certificates , you received on foreign tax Hope this helps to clarify. In case you find this channel useful, request you to subscribe and support me 👍
Hello sir, when I receive my income from foreign country 5% TDS is deducted. Will that be considered total tax in the foreign country? And since GST on export of service is 0%, lower tax would be 0?
@@srikanthinjapuri7579 check this one www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=nadt.gov.in/writereaddata/MenuContentImages/India%2520US%2520Double%2520Taxation%2520Avoidance%2520Treaty635480255452005394.pdf&ved=2ahUKEwj_59yLzr6HAxV64jgGHf48L4YQFnoECBgQAQ&usg=AOvVaw3UDU7m_dIBlgDFCbyEb_Lh Check still , if you get anymore latest one. If you find videos helpful, pks subscribe and support me 👍
@@srikanthinjapuri7579 Please post your query here - either me or someone in community will help you out. Just due to quarter end, got stuck with few things...myself
@@ShriManagement my assesse is USA citizen as well as he stayed mire than 182 days . Which means residents of both countries. He has income in both countries. Previously I filed global income in India. By taking credit of taxes paid in USA. I want to know any DTAA provisions which might benefit my assessee.
@@mayurkate2345 If incidence of dividend has happened and tax is paid in foreign country , Form 67 helps to claim relief. Even if dividend is reinvested or in case of not transferred to Indian bank account , also you can use Form 67 to claim relief. Hope this helps. If you find videos helpful, request you to subscribe and support 👍 me
you can refer to exchange rate in this website : forexrateindia.com/sbi-bank-forex-rate/. FX rate published by SBI is considered standard. For your respective currency, please check, what is the exchange rate as of 31st Dec, 2022 and use that in calculations
@@ShriManagement single exchange rate for whole salary? I thought we have to take exchange rate on the last date of the month preceding the month of salary credited in bank.
@@laltidevi1726 yes that's correct. I'm taking an example of one time credit or bonus. If that is monthly salary, then rate at last day of the month will do. However in most of stable currencies the variations won't be too high. So taking at 31st Dec would suffice
What should i need to enter under "Rate in %" where my client is earning salary income in Belgium and they don't have single rate but they are having slab rates ??
In case of DE, withholding tax is 26.375% and tax rate is 10% . So either through directly claiming from DE tax department or otherwise , the relief will be 16.375% . Hope this helps, do subscribe and support 🙏
Thanks for your video and one query..Do we need to report Article NO. as 90A for dividend from Germany
Article 90A is used in case of between two corporates. Article 90, in general fof all other cases.
In case this helps, do subscribe and support 👍
Sir what is tax % on dividend from US under normal provision in india?
Thanks this is insightful :)
You're so welcome!
Hello Sir, My total tax liability in India is currently zero. I have a Foreign Tax Credit of ₹13,122. While I understand that the FTC can reduce my tax liability, I am uncertain if it can be claimed as a refund. Can you please confirm whether this amount can be refunded, or if it remains non-refundable?
@@teamitd3448 : Zero tax means , you have income however with deductions and on application of other aspects; it resulted in zero tax
You need (would have ) to declare foreign income and accordingly pay Indian tax portion of it and using respective DTAA rate claim foreign tax relief. So your relief amount on foreign tax is independent of your final tax amount. You still can file form 67 with necessary tax certificates , you received on foreign tax
Hope this helps to clarify.
In case you find this channel useful, request you to subscribe and support me 👍
Hello sir, when I receive my income from foreign country 5% TDS is deducted. Will that be considered total tax in the foreign country? And since GST on export of service is 0%, lower tax would be 0?
how did you get tax rate in india at 10%?only in th new tax regime it is 10%, which you could have mentioned
If you like these videos, pls do subscribe and give your support. Thank you so much for watching
Is it really 10% or 30%?
Where can we check the DTAA rates between Us and Indian for salary and business income ?
@@srikanthinjapuri7579 check this one
www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=nadt.gov.in/writereaddata/MenuContentImages/India%2520US%2520Double%2520Taxation%2520Avoidance%2520Treaty635480255452005394.pdf&ved=2ahUKEwj_59yLzr6HAxV64jgGHf48L4YQFnoECBgQAQ&usg=AOvVaw3UDU7m_dIBlgDFCbyEb_Lh
Check still , if you get anymore latest one.
If you find videos helpful, pks subscribe and support me 👍
Thank you sir for the prompt reply. Can you please share your contact ?
@@srikanthinjapuri7579 Please post your query here - either me or someone in community will help you out. Just due to quarter end, got stuck with few things...myself
@@ShriManagement sir, I want to consult you on tax filing .
@@ShriManagement my assesse is USA citizen as well as he stayed mire than 182 days . Which means residents of both countries. He has income in both countries. Previously I filed global income in India. By taking credit of taxes paid in USA. I want to know any DTAA provisions which might benefit my assessee.
If I have not transferred the dividend amount from the USA to the Indian bank account, Do I still have to file form-67?
@@mayurkate2345 If incidence of dividend has happened and tax is paid in foreign country , Form 67 helps to claim relief. Even if dividend is reinvested or in case of not transferred to Indian bank account , also you can use Form 67 to claim relief.
Hope this helps.
If you find videos helpful, request you to subscribe and support 👍 me
@@ShriManagement thanks 👍
Which exchange rate is applicable in case of resident individual is receiving monthly salary income from foreign country?
you can refer to exchange rate in this website : forexrateindia.com/sbi-bank-forex-rate/. FX rate published by SBI is considered standard. For your respective currency, please check, what is the exchange rate as of 31st Dec, 2022 and use that in calculations
@@ShriManagement single exchange rate for whole salary? I thought we have to take exchange rate on the last date of the month preceding the month of salary credited in bank.
@@laltidevi1726 yes that's correct. I'm taking an example of one time credit or bonus. If that is monthly salary, then rate at last day of the month will do.
However in most of stable currencies the variations won't be too high. So taking at 31st Dec would suffice
@@ShriManagement Mexican pesos FX rate is not available in this website from June 22 to march 23...what should I do then?
I have posted another video in the channel about exchange rates. Have a look , if you other items to consider as well. Many thanks
We can file this form till December right as per the amendment
Form 67 should be filed before the due date of filing of return as specified u/s 139(1) for AY23-24
@@ShriManagement For salary income i need to enter the "Rate in %" but in belgium they are having slab rates, so which rate i need to take??
@@krishnapodhili6913 average rate
What should i need to enter under "Rate in %" where my client is earning salary income in Belgium and they don't have single rate but they are having slab rates ??
@@krishnapodhili6913 in case you have slab rates, calculate overall average tax rate of thr assessee
Total taxable income/ total tax liability
Germany and india DTAA rate is 10 percent..if at germany 26 percent tax is cut...how much tax relief i will receive in itr in india- 10 or 26-10=16?
In case of DE, withholding tax is 26.375% and tax rate is 10% . So either through directly claiming from DE tax department or otherwise , the relief will be 16.375% .
Hope this helps, do subscribe and support 🙏
Anyone can help me with the type of attachment which i need to submit in form 67, where my client is earning salary income in Belgium
Sir if i have company income