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Notification of Revised Double Taxation Avoidance Agreement (DTAA) between India and Republic of Korea regarding - Income Tax - Press Release

Extract

..... Fiscal evasion with respect to taxes on income which was signed on 18th May 2015 during the visit of Hon’ble PM to Seoul has entered into force on 12th September 2016, on completion of procedural requirements by both countries. Provisions of new DTAA will have effect in India in respect of income derived in fiscal years beginning on or after 1st April, 2017. Some of the salient features of new DTAA are: (i) The existing DTAA provided for residence based taxation of capital gains on shares. .....

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Notification of Revised Double Taxation Avoidance Agreement (DTAA) between India and Republic of Korea regarding - Income Tax

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..... axpayers of both countries to apply for Mutual Agreement Procedure (MAP) in transfer pricing disputes as well as apply for bilateral Advance Pricing Agreements (APA). Further, as per understanding reached between the two sides, MAP requests in transfer pricing cases can be considered if the request is presented by the tax payer to its competent authority after entry into force of revised DTAA and within three years of the date of receipt of notice of action giving rise to taxation not in accorda .....

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Notification of Revised Double Taxation Avoidance Agreement (DTAA) between India and Republic of Korea regarding - Income Tax

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..... t purposes with authorization of information supplying country. (vii) The revised DTAA inserts new Article for assistance in collection of taxes between tax authorities. (viii) The revised DTAA inserts new Limitation of Benefits Article i.e. anti-abuse provisions to ensure that the benefits of the Agreement are availed only by the genuine residents of both the countries. The revised DTAA aims to avoid the burden of double taxation for taxpayers of two countries in order to promote and thereby st .....

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Notification of Revised Double Taxation Avoidance Agreement (DTAA) between India and Republic of Korea regarding - Income Tax

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