DTAA- DOUBLE TAXATION AVOIDANCE AGREEMENT
It is a tax treaty signed between two or more countries to help tax payers avoid paying double taxes on the same income. It becomes available in cases where an individual is a resident of one nation, but earns income in another.
The intent behind a DTAA is to make a country appear as an attractive investment destination by providing relief on dual taxation. This form of relief is provided by exempting income earned in a foreign country from tax in the resident nation or offering credit to the extent taxes have been paid abroad.
Below is a list of countries with which India has signed a Double tax avoidance agreement.
Some types of agreement are as follows:
- Comprehensive agreement
- Limited agreement
- Others agreement
- Intergovernmental agreement
- TIEA- Tax information exchange agreement
- LMA- Limited multilateral agreement
- SAA- Specified association agreement
Countries related to comprehensive agreement are as follows:-
Mauritius, south africa, albania, armenia, australia, austria, Bnagladesh, belarus, belgium, bhutan, botswana, brazil, bulgaria, canada, china, colombia, crotia, cyprus, czech republic, denmark, estonia, ethiopia, fiji, finland, france, georgia, germany, greece, hashemite kingdom of jordan, hungary, iceland, ireland, israel, italy, japan, kazakhstan, kenya, korea, kuwait, kyrgyz republic, lathia, libya, lithuania, luxemberg, malaysia, malta, mongolia, montenegro, morocco, mozambique, myanmar, malta, namibia, nepal, netherlands, new zealand, norway, OECD member countries, oman, oriental republic of uruguay, poland, philippines, portuguese republic, qatar, romania, russia, indonesia, macedonia, saudi arabia, serbia, singapore, slovak republic, slovenia, spain, srilanka, sudan, sweden, tajisktan, tanzania, thailand, turkmenistan, uae, uar, uk, usa, uganda, ukraine, united mexican states, uzbekistan, vietnam, yemen arab republic, zambia.
Limited agreement –
Afghanistan, ethiopia, iran, lebanon, yemen arab republic
TIEA- TAX INFORMATION EXCHANGE AGREEMENT
Argentina, bahamas, bahrain, belize, bermuda, british virgin islands, cayman islands, liberia, macaosar, maldives, principality of lichtenstein, principality of monaco, yemen arab republic.
Specified association agreement- ( SAA) Taipei
Limited multilateral agreement- LMA Limited multilateral agreements
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ADEN RULES 1953
In exercise of the powers available under section 49A of the 1922 act, the Government of India had issued a notification dated 24.03.1953 called the Income -tax (Double taxation relief ) Aden Rules 1953 providing for grant of relief in respect of income on which tax has been paid both in India and in Aden.
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