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A credit is allowed for foreign income taxes paid or accrued. The finance is limited to that part of Ough.S. tax due to foreign source income. It's not at all refundable, but any excess credit may be carried to other years to reduce tax.

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What will be the rate? At the rate or rates enacted by Central Act there are numerous Assessment Years. It's varies between 10% - 30% of taxable income excluding the basic exemption limit applicable into the tax payer.

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