TMI BlogElimination of double taxationX X X X Extracts X X X X X X X X Extracts X X X X ..... voided in the following manner : (a) Where a resident of India derives income or owns capital which, in accordance with the provisions of this Convention, may be taxed in Spain, India shall allow : (i) as a deduction from the tax on the income of that resident, an amount equal to the income-tax paid in Spain, whether directly or by deduction; and (ii) as a deduction from the tax on the capi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw, double taxation will be avoided in the following manner : (a) Where a resident of Spain derives income or owns capital which, in accordance with the provisions of this Convention, may be taxed in India, Spain shall allow : (i) as a deduction from the tax on the income of that resident, an amount equal to the income-tax paid in India; (ii) as a deduction from the tax on the capital of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axed in India. (c) Where in accordance with any provision of the Convention income derived or capital owned by a resident of Spain is exempt from tax in Spain, Spain may nevertheless, in calculating the amount of tax on the remaining income or capital of such resident, take into account the exempted income or capital. 4. For the purposes of deduction referred to in paragraph 3, the term "inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of a substantially similar character if it has not been modified thereafter or has been modified only in minor respects so as not to affect its general character. 5. The provisions of paragraph 4 shall apply for the first 10 years for which this Convention is effective but the competent authorities of the Contracting States may consult each other to determine whether this period shall be extende ..... X X X X Extracts X X X X X X X X Extracts X X X X
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