alleryStart learning →Foreign tax credit amounts exceeding domestic income tax are usually treated how?
ANonrefundable
BPaid to the payer
CRefunded in cash
DDoubled next year
Answer & Solution
Correct answer: A. Nonrefundable
Credit in excess of the income tax is usually nonrefundable, though it may be carried over.
Keep practising Double Taxation
Browse all Double Taxation questions for CA Final, or explore more Taxation topics.
Related questions
One test of residence in India under the Income-tax Act is a stay of at least how many dayAfter which leaks did the EU and OECD seek automatic exchange of information on tax rulingWhich WTO agreement recognises advance rulings?Customs advance rulings commonly deal with which matter?A ruling may be modified or revoked because of which development?An advance ruling typically does not bind courts or whom else?A deemed paid credit covers taxes paid by which entity on dividends received?Singapore grants foreign tax credit only to whom?