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of <h1>Italy-India DTAA Article 24: Tax Credit Mechanisms to Prevent Double Taxation for Residents of Both Countries</h1> Article 24 of the Double Taxation Avoidance Agreement (DTAA) between Italy and India outlines methods to eliminate double taxation. It specifies that income taxed in both countries will allow for a tax credit in the resident's home country, ensuring no double tax burden. For Indian residents, the Italian tax paid can be credited against Indian tax liabilities, including surtax. Conversely, Italian residents with Indian taxable income can deduct Indian taxes from their Italian tax obligations. Exemptions or reductions in tax due to local laws will be considered as taxes paid for credit purposes. Income not taxed in one state may still influence tax rates in the other.
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