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FTC and refund.


likith nsvm   11 November 2019

likith nsvm

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Mr X has made sales to bangladesh amounting to Rs. 1Cr.

TDS done in bangladesh -20 lakhs.

Total income of Mr X at end of the year is loss of (1,00,000).

In this case, Is Mr. X is eligible to get refund of TDS deducted in Bangladesh in any way ?

avater

mukesh (Student CA IPC / IPCC)     11 November 2019

mukesh
Student CA IPC / IPCC 
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Tax deducted in Bangladesh can be claimed as refund as per the provisions of Bangladesh income tax and not as per indian income tax.
However Foreign Tax credit can only be claimed as credit in the year in which such income has been offered to income tax in India.

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likith nsvm   11 November 2019

likith nsvm

 2 likes  34 points

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Therefore the TDS deducted in bangladesh will lapse(as mentioned there is loss in current year )..and its a loss of income to indian company right ?


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