Sonakshi gets relief in IT case

Sonakshi gets relief in IT case: Foreign tax credit dispute verdict in favour will get Rs 29 lakh

Sonakshi gets relief in IT case

The Mumbai branch of the Income Tax Appellate Tribunal has given relief to actress Sonakshi Sinha in the IT case. The tribunal has approved her foreign tax credit claim of Rs 29 lakh, giving a verdict in favour of the actress. The matter came to light when an income tax officer refused to accept Sonakshi Sinha's tax credit claim form, although now after the tribunal's decision, Sonakshi Sinha will get her claim of 29 lakhs.
According to reports in ETimes, Sonakshi's tax returns for the year 2017-18 were selected for scrutiny to check the eligibility of her claim. During this, the Income Tax Officer had claimed that the actress had filed her return on 22 September 2018 but filed Form 67 on 20 January 2020 for claiming tax credit claim. In such a situation, the actress filed the form much after the date of filing the tax, which is against the rules. In such a situation, Sonakshi Sinha could not get the tax credit claim due to the delay, after which the matter reached the ITAT.
The Income Tax Act states that- 'A taxpayer in India can take credit on money earned in another country or tax paid for foreign property. Under this rule, the taxpayer does not have to pay tax at double places.
The Central Board of Direct Taxes made changes to the tax credit rules last month. Under the rule, any taxpayer can file the form for a credit claim on or before the end of the financial year. This rule will be applicable to foreign tax credit claims for the year 2022-23 and onwards. Apart from Sonakshi, a taxpayer named Anuj Bhagwati also accepted the tax credit claim and paid his tax in the US. As the matter got stuck, Sonakshi had to wait for her claim.

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