Big Relief To Sonakshi Sinha, 29 Lakh Foreign Tax Credit Dispute Decided In Favor Of Actress
Sonakshi Sinha IT Case: The Mumbai Bench of the Income-Tax Appellate Tribunal has ruled in favor of Bollywood actress Sonakshi Sinha, giving a big relief to her. In the tax case given in the UK, the bench has upheld the foreign tax credit claim of Rs 29 lakh made by the actress.
The matter came to light when a tax officer refused to accept the form after the stipulated time. According to reports, the IT Act states that a taxpayer in India can get credit for income earned abroad or professional income or foreign assets for taxes paid in another country. According to reports, it aims to prevent double taxation.
what is the matter
According to a report by ETimes, Sonakshi Sinha’s tax returns for the financial year 2017-18 were selected for limited scrutiny to determine the correctness and eligibility of the credits claimed by her. The tax officer had claimed that the actress had filed her return on September 22, 2018 but filed Form 67 to claim credit on January 20, 2020, which is on or before the date of filing of tax return. Goes against the rules of doing. According to the report, due to the delay, Sinha was denied credit claim and the matter reached the ITAT.
Last month, the Central Board of Direct Taxes amended the rule, allowing people to file credit forms on or before the end of the relevant assessment year. Puneet Gupta, Partner, People Advisory Services, EY-India, said, “This extension will be applicable on foreign tax credit claims from the current financial year 2022-23 and onwards.”
According to Gupta, the ITAT decision will help taxpayers involved in similar litigation. Besides Sonakshi Sinha, the tribunal also ordered another person Anuj Bhagwati to claim foreign tax credit of Rs 14.22 lakh for taxes paid in the US. Subsequently, ITAT agreed with Sonakshi Sinha’s contention that the form is a procedural requirement and is not required.
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