I was a student in one of the universities in Texas before I graduated in Aug 2010 and moved back home to India. However since June 2010 till date, I have been working with a US based company.
Indian financial year runs from April - March. According to the timing of move back home, I qualify as an Indian resident to pay taxes in India on my year-round global income. I have paid that income tax in India in March 2011.
I was told that I would be able to claim foreign tax credit when I file return in US, since same income from my US based company is taxable in two countries. BUT today I was talking to a tax consultant in US who told me it is not possible to claim that foreign tax credit for year 2010 since I paid that in March 2011, whereas the US financial ends in Dec (2010). He said I can claim that for year 2011.
I would like to get his opinion confirmed from someone out here. Any ideas?