Ans. A DTAA is a bilateral
agreement entered into between two countries, in our case, between India and
other foreign state. The basic objective is to mitigate, taxation of income in
both the countries (i.e. double taxation of same income).
Ans. If an individual’s income is
chargeable to tax in more than one country, the individual may claim benefit of
Double Taxation Avoidance Agreement (if any existing).
Where there is no DTAA, section 91 of the
Act grants unilateral relief in respect of income which has suffered tax
both in India and in a country with which no DTAA exists (i.e. doubly taxed
can avail the benefit of lower rate of tax in India as prescribed in the DTAA.
Under DTAA between India and US, his interest income will be subject to tax at
the rate of 15%. Hence NRI will be able to save excessive tax deduction of
Ans. Following documents are required:1. Tax residency Certificate (“TRC”) from the Government of his country of residence.2. Form 10F as per Income Tax Rules in certain cases3. Declaration to the payer (Bank) that the payee is eligible to claim DTAA benefit.4. PAN5. Passport6. Any other document if required by the Bank.
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