CURRENT AFFAIRS

Detailed explanation-1: -New Revised Double Taxation Avoidance Agreement (DTAA) between India and Republic of Korea comes into force with effect from 12th September, 2016; Will have effect in India in respect of income derived in fiscal years beginning on or after 1st April, 2017.

Detailed explanation-2: -Article 16 of the DTAA Section 90(1) of the Income Tax Act, 1961 give powers to central government to enter into agreements with foreign countries to grant relief from payment of Income Tax chargeable under the Act to promote mutual economic relations, trade and investment.

Detailed explanation-3: -Article 17(1) applies to a person if:-He is a resident of a contracting state-He is an entertainer or a sportsperson-He derives income as an entertainer or sportsperson from personal activities; and-Such personal activities are exercised in the other contracting state.

Detailed explanation-4: -Under Article XVIII of the Agreement between the Government of India and the Government of the Federal Republic of Germany for Avoidance of Double Taxation on Income (as notified vide Notification No. 87(25/33/57-IT), dated 13-9-1960 and subsequently amended by a Protocol notified vide Notification No.