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India amends tax pact with Sri Lanka
Why is it in news?
- The double taxation avoidance agreement between India and Sri Lanka was amended on Wednesday, an official press release has announced.
More in news
- Amendment to DTAA: The amendment was made to the India-Sri Lanka Double Taxation Avoidance Agreement (DTAA) of 2013 and the new changes would enable the government to blunt tax evasion.
- What is a Double Taxation Avoidance Agreement?
(1) The Double Tax Avoidance Agreement (DTAA) is a tax treaty signed between two or more countries to help taxpayers avoid paying double taxes on the same income.
(2) A DTAA becomes applicable in cases where an individual is a resident of one nation, but earns income in another.
Source
The Hindu