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of <h1>India-Cyprus Double Tax Avoidance: Article 25 Explains Tax Credit Mechanisms for Income and Capital Gains.</h1> Article 25 of the Double Taxation Avoidance Agreement (DTAA) between India and Cyprus outlines the method for eliminating double taxation. It allows residents of India to deduct taxes paid in Cyprus from their Indian tax liabilities on income and capital, with deductions not exceeding the attributable tax. Conversely, Cyprus allows credits for Indian taxes against Cypriot tax liabilities on income derived from India. The provisions also consider tax incentives aimed at economic development, deeming certain tax percentages on dividends, interest, royalties, and fees. Exempt income may still be considered in tax calculations on remaining income.
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