CURRENT AFFAIRS

Detailed explanation-1: -The favourable provisions of the “Agreement for avoidance of double taxation and prevention of fiscal evasion with Mauritius” (the “Mauritius Treaty") entered into by the Indian Government in the year 1993 has essentially led to a substantial amount of foreign investments in India through Mauritius.

Detailed explanation-2: -US India Tax Treaty: The US Tax Treaty with India has been in effect for many years. It serves as an International Tax Agreement between the United States and India on issues involving tax and compliance. In fact, the United States and India have entered into several different International Tax Treaties.

Detailed explanation-3: -The 1993 UK-India Double Taxation Convention has been modified by the Multilateral Instrument ( MLI ). The modifications made by the MLI are effective in respect of the 1993 UK-India Double Taxation Convention.

Detailed explanation-4: -According to the Singapore-India double tax treaty, the profits of an enterprise are taxable only in the state where its business operations are carried out. If a Singapore-based business has a permanent establishment in India, profits attributable to the permanent establishment are taxed only in India.