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ITR Filing

Why your foreign tax credit for Indian tax lands in the wrong year

My accountant abroad asked which year to claim the Indian tax in, because India's year and mine do not match. How does this work?

You pay Indian tax on your Indian income and claim a foreign tax credit at home so you are not taxed twice. The snag is timing. India runs an April to March year, your country runs a different one, tax is withheld in India upfront but only settled when you file, and any refund comes later still. So the Indian tax and the credit for it can fall in different years, and your foreign accountant is not sure which year to use.
Last reviewed: 30 July 20266 min readReviewed by Preetesh Maloo, CA

The short answer

India's tax year runs 1 April to 31 March. The UK runs 6 April to 5 April, Australia 1 July to 30 June, and the US, Canada and most of Europe the calendar year. On Indian income, tax is withheld upfront, often on the gross amount, but your actual Indian tax is only settled when you file your Indian return, and any excess is refunded later. Your home country gives credit for the Indian tax you finally pay, not the amount withheld, and in the year that income is taxed there. Because the years do not align, the credit can land in a different year, and if India later refunds part of the tax, you generally have to amend the foreign return to reduce the credit.

References on this page

  • Section 195 (Section 393 from FY 2026-27)
  • Section 139(1) (return due dates)
  • US Internal Revenue Code Section 905(c) (refund redetermination)
  • Foreign credit rules: US Form 1116, UK FTCR, Canada Section 126, Australia FITO

The years do not line up

India taxes on a year running 1 April to 31 March. Your country almost certainly uses a different one: the UK runs 6 April to 5 April, Australia 1 July to 30 June, and the US, Canada and most of Europe the calendar year, 1 January to 31 December. So a single Indian financial year overlaps two of your home years, and the income India taxes in one year is taxed by your country in a year with different edges.

That alone would be manageable, but two more things stretch the gap: tax in India is withheld before your real liability is known, and any over-withholding is refunded well after the year closes.

Credit is for tax finally paid, not tax withheld

On Indian income, especially for a non-resident, tax is deducted at source under Section 195, often on the gross amount, before any deductions or your actual rate. Your real Indian tax is only settled when you file your Indian return, due 31 July after the year ends for most people, and the excess over your real liability is refunded after that.

Your home country does not give credit for the amount withheld. It gives credit for the Indian tax you finally bear, in the year that income is taxed at home. So you claim the credit on the Indian tax as it truly settles, which means waiting for, or estimating, the Indian outcome. In the US you can elect on Form 1116 to claim the credit on an accrued basis, which lines it up with the year the income is taxed rather than the year you happened to pay.

When India refunds, you go back and adjust

The most-missed step is what happens when India later refunds part of the tax. Because your credit was for the tax you actually bore, a refund means you claimed too much, and you have to correct it. In the US this is a legal duty: a refund of foreign tax is a redetermination under Section 905(c), and you must tell the IRS and adjust the credit. The UK, Canada and Australia reach the same place through their own amendment rules, you go back and reduce the foreign tax credit you claimed.

So the clean way to handle Indian tax across the border is to claim the credit on the Indian tax finally settled, keep the Indian return and the tax-paid proof, and be ready to amend the foreign year if India refunds. This is exactly where an Indian CA and your home accountant need to hand figures to each other.

A worked example

Ravi lives in the UK and earns Indian rent. In the Indian year to March 2026, tax is withheld on the gross rent, more than his real Indian tax after the standard deduction and his expenses. He files his Indian return in July 2026, his real Indian tax is lower, and a refund is due.

For his UK return he claims credit not for the tax withheld but for the Indian tax he finally bears, in the UK year that the rent is taxed. When the Indian refund comes through, he goes back and reduces the UK credit to match. Claiming the withheld figure and forgetting the refund would have over-credited and invited a correction later.

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What's involved

What the CA actually does

  1. 1

    Settle the real Indian tax first

    We file your Indian return so the actual Indian tax on each income is known, not just the amount withheld, and recover any excess TDS.

  2. 2

    Give your accountant the right figure and year

    We provide the Indian tax finally paid, the dates, and a tax-paid certificate, so your home accountant claims the credit on the correct amount in the correct year.

  3. 3

    Track refunds for the adjustment

    When India refunds part of the tax, we flag it so you can amend the foreign return and keep the credit accurate.

  4. 4

    Line up both calendars

    We map your Indian April to March figures onto your home tax year, so nothing is claimed twice or missed across the boundary.

What to have ready

Documents you'll typically need

  • Your country of residence and its tax year
  • Indian income and TDS statements
  • Your filed Indian return and any refund
  • PAN and passport

Your destination country can change the details

Requirements differ from one consulate, university and visa route to the next — how recent the figures must be, how long funds must have been held, and which certificates are mandatory. We assemble the documents around the exact checklist you're applying under. To see how India's tax treaty with your country of residence affects related filings, set your country below or compare all 46 countries.

Frequently asked questions

Common questions

Foreign tax credit not lining up with India's year?

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