Hello Sir, My total tax liability in India is currently zero. I have a Foreign Tax Credit of ₹13,122. While I understand that the FTC can reduce my tax liability, I am uncertain if it can be claimed as a refund. Can you please confirm whether this amount can be refunded, or if it remains non-refundable?
@@CleartaxIndia Actually at that time, I was filing ITR-3, as yesterday was the last day. I was in need of immediate help. Since, you didn't replied me, I took the help of AI assistance and came to know that, the Foreign Tax Credit (FTC) can help you to reduce tax liability. However, if your tax liability is zero, you cannot claim a refund for the entire FTC paid in the USA. In my case, my FTC was ₹13,122, and since my tax liability was zero, this entire amount effectively went to the IRS's pocket.
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Thank u.
Hello Sir, My total tax liability in India is currently zero. I have a Foreign Tax Credit of ₹13,122. While I understand that the FTC can reduce my tax liability, I am uncertain if it can be claimed as a refund. Can you please confirm whether this amount can be refunded, or if it remains non-refundable?
Hi Sir. Could you please send us your detailed query via email at support@cleartax.in?
Our team will assist you in resolving it promptly. Thank you!
@@CleartaxIndia Actually at that time, I was filing ITR-3, as yesterday was the last day. I was in need of immediate help. Since, you didn't replied me, I took the help of AI assistance and came to know that, the Foreign Tax Credit (FTC) can help you to reduce tax liability. However, if your tax liability is zero, you cannot claim a refund for the entire FTC paid in the USA. In my case, my FTC was ₹13,122, and since my tax liability was zero, this entire amount effectively went to the IRS's pocket.
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