CURRENT AFFAIRS

2016

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
India and which country has signed four agreements in areas including on double taxation avoidance, money laundering and counter-terrorism.
A
Bangladesh
B
Argentina
C
Qatar
D
Tajikistan
Explanation: 

Detailed explanation-1: -India and Tajikistan have signed four agreements in areas including on double taxation avoidance, money laundering and counter-terrorism.

Detailed explanation-2: -A DTAA is a treaty signed between two or more countries to help taxpayers avoid paying double taxes on the same income. A DTAA becomes applicable when an individual or a business entity is a resident of one country but earns income in another. India signed the DTAA with Australia in 1992 and it was updated in 2013.

Detailed explanation-3: -As an NRIs in UAE, you are exempted from paying income tax in UAE. You do not have to pay any tased on your UAE Income in India too, under the UAE-India Double Taxation Avoidance Agreement. However, you must pay taxes on any income earned form investments in India.

Detailed explanation-4: -The ‘synthesised’ version of the UK-India double taxation agreement has been modified to add a new condition to the provisions covering the double taxation of royalties and fees. Article 13 deals with royalties and fees for technical services arising in one country and paid to a resident in the other.

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