The Ultimate Guide to Transfer Pricing Methods for Business Success
Unlock the secrets of transfer pricing and navigate global taxation with confidence. .....
Under Section 91 of the said Act, an individual can be relieved from double taxation by Indian government irrespective of the whether there is a DTAA between India and the other country concerned. The unilateral relief to a taxpayer may be provided if:
The person or company was a resident of India in the previous financial year.
In India and in some another country with which there is no tax treaty, the income should have be taxable.
The tax has been paid by the person or company under the statutory laws of the foreign country in question.
Under Section 90, the Indian government protects against double taxation by entering into a DTAA with another country, based on mutually acceptable terms.
Comprehensive DTAAs are those which cover all almost the types of incomes covered by any model convention. Many a time a treaty includes wealth tax, gift tax, surtax etc. too. DTAA Comprehensive Agreements concerning taxes on income with the following countries-
Trinidad and Tobago
Limited DTAAs are those who are limited to the certain types of incomes only.
The DTAA Limited agreements– For income of airlines/merchant shipping with the following countries:
People’s Democratic Republic of Yemen
Yemen Arab Republic
When an Indian person makes profit or some other type of a taxable gain or receives any income in the another country, he may be in a situation where he will be needed to pay tax on that income in India, as well as in the country in which the income was made. To protect Indian taxpayers from this unfair practice, DTAA assures that India’s trade and services with other countries, & also the movement of capital are not adversely affected acting under the authority of law.
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