Form 67 for multiple 1042-s

Form 1042-S shows tax deducted by transferer, it does not prove amount of tax actually liable to be paid in the USA. You need a copy of tax return filed which shows separately the tax deducted, liability and refunds received.

Filing Form 67 for Multiple 1042-S

1. Single Form 67:

   • File a single Form 67 that includes details from both Form 1042-S.

2. Attach Form 1042-S:

   • Merge both Form 1042-S into one PDF or zip them together and upload as a single attachment.

Steps to File

1. Calculate Foreign Tax Credit:

   • Sum the income and tax withheld from both Form 1042-S.

2. Conversion Rate:

   • Use the RBI rate for the date of dividend receipt. Convert each transaction separately if dates differ.

3. Fill Form 67:

   • Enter the aggregated income and tax in INR using the conversion rates.

4. Upload Documents:

   • Attach the merged PDF or zip file of both Form 1042-S.

Example

1. Aggregating Income and Tax:

   • Account 1: Income = $1000, Tax = $150
   • Account 2: Income = $2000, Tax = $300
   • Total Income = $3000, Total Tax = $450

2. Conversion to INR (Assuming 1 USD = 74 INR):

   • Total Income = $3000 * 74 = INR 222,000
   • Total Tax = $450 * 74 = INR 33,300

3. Fill Form 67:

   • Enter totals in INR and attach supporting documents.

By following these steps, you can efficiently report your foreign tax credit for multiple Form 1042-S.

Best regards,

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Thank you.

Shubham Goyal

Attach both 1042 in single Form 67. Merge both in 1 file.

Use rule 115 of income tax rules for conversion rate.

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Thank you.

- Attach both the Form 1042-S in single Form 67

- Conversion rate would be the TT buying rate of the last day of the month immediately preceding the month in which dividend was received

For detailed discussion you may opt for phone consultation