Income Tax Credit Article 68 In the case where a domestic corporation receives interest, etc., dividends, etc., monies for payment, interest, profits, margin profits, distributions of profit, or monetary awards prescribed in the items of Article 174 (Tax Base for a Domestic Corporation's Income Tax) of the Income Tax Act (hereinafter referred to as "interest and dividends, etc." in this Article), the amount of income tax to be imposed thereon pursuant to the provisions of the Act is credited against the amount of corporation tax on its income for the business year, as specified by Cabinet Order.
The provisions of the preceding paragraph do not apply to the amount of income tax set forth in the paragraph to be imposed on interest and dividends, etc. which a corporation in the public interest, etc. or an association or foundation without juridical personality receives and which arises from a business other than its profit-making business or assets belonging thereto
The provisions of paragraph (1) apply only in the case where a tax return contains a detailed statement concerning the amount of credit to be received pursuant to the provisions of the paragraph and the calculation thereof.In this case, the amount to be credited under the provisions of the paragraph does not exceed the amount entered as the amount.
Even in the case where a tax return without entries for the matters set forth in the preceding paragraph, with regard to the whole or a part of the amount of income tax prescribed in paragraph (1), has been filed, the district director of the tax office may apply the provisions of paragraph (1) to the amount for which such matters were not entered, when they find any unavoidable grounds for the person's failure to make such entries.
