Law firm allowed credit in India, for taxes withheld in Japan
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Law firm allowed credit in India, for taxes withheld in Japan
Lubna Kably / TNN / Dec 23, 2020, 11:56 IST
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(Representative image)
MUMBAI: The Income-tax Appellate Tribunal (ITAT), Mumbai bench recently dealt with the issue of allowability of tax credit in India for taxes withheld in Japan.
Clients in Japan, of the well-known law firm Amarchand & Mangaldas & Suresh A Shroff & Co had withheld tax at source at 10% against the fees payable. The issue was whether the partnership firm can claim a foreign tax credit (FTC) in India. The ITAT passed an order in favour of the law firm.