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FTC Claims Under MAT/AMT Explained

Foreign Tax Credit (FTC) is allowed against tax payable under Minimum Alternative Tax (MAT)/AMT, similar to normal provisions, but any excess FTC beyond the normal tax credit will be ignored. The conversion rate for foreign currency to Indian rupee should be based on the TTBR of SBI from the last day of the previous month when tax was paid or deducted. Claims for FTC must be submitted via Form No. 67 online by the due date under section 139(1), or by the date of the updated return if filed under section 139(8A).

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14 views1 page

FTC Claims Under MAT/AMT Explained

Foreign Tax Credit (FTC) is allowed against tax payable under Minimum Alternative Tax (MAT)/AMT, similar to normal provisions, but any excess FTC beyond the normal tax credit will be ignored. The conversion rate for foreign currency to Indian rupee should be based on the TTBR of SBI from the last day of the previous month when tax was paid or deducted. Claims for FTC must be submitted via Form No. 67 online by the due date under section 139(1), or by the date of the updated return if filed under section 139(8A).

Uploaded by

strangerk2004
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Whether the FTC can be claimed if tax is payable under Minimum Alternative Tax (MAT)/AMT>

Yes, FTC shall be allowed against tax payable under MAT/AMT in the same manner as it is
allowable under normal provisions of the Income Tax Act.
However, where the FTC available against tax payable under MAT/AMT exceeds the tax credit
available under normal provisions of the Act, the excess shall be ignored.

What conversion rate should be adopted?


For the purpose of converting foreign currency into Indian rupee, TTBR of SBI on the last day
of the previous month in which the tax has been paid or deducted shall be adopted.

What is the timeline to submit the claim of FTC?


Form No. 67 and a certificate or statement as referred above shall be furnished online upto due
date of u/s 139(1).
Provided that where the return has been furnished u/s 139(8A), the statement in Form No. 67
and the certificate or the statement to the extent it relates to the income included in the
updated return, shall be furnished on or before the date on which such return is furnished.

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