India, U.K. amend convention on DTAA

November 1, 2012

India and the U.K. inked a protocol amending the 1993 bilateral convention on avoidance of double taxation and prevention of fiscal evasion related to taxes on income and capital gains.

Main features of this protocol:

Streamlining the partnership and taxation of dividends provisions in both the countries.
Provide tax stability to the residents of the two countries.
Facilitate mutual economic cooperation besides stimulating flow of investment, technology and services b/w the two nations.
Provisions for effective exchange of information b/w the tax authorities of the both sides.
Exchange of banking information and supplying of information irrespective of domestic interest.
Sharing of information to other agencies with the permission of the supplying state.

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