Saturday International Tax Gyan!! #taxmadeeasy #taxinpic
Effective tax rate for foreign income needs to be calculated only on income which is doubly taxed and not on gross receipts. FTC cannot be used to pay tax on Indian Income. [Invendis Technologies India (P.) Ltd. v. ACIT Circle 3(1)(1), Bengaluru [2022] 138 taxmann.com 167 (Bangalore – Trib.)]
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