Elimination of double taxation: reciprocal tax credits for taxes paid on the same income or capital across jurisdictions. The Convention provides reciprocal relief for double taxation by permitting a tax credit for taxes paid in one Contracting State against tax computed in the other on the same items of income or capital. Sri Lanka tax so paid is creditable against Indian tax on the same Sri Lanka-source income or capital, limited to the Indian tax attributable to those items, with special ordering for company surtax. Similarly, Indian tax so paid is creditable against Sri Lanka tax on the same India-source items, limited to the Sri Lanka tax attributable to those items. 'Tax payable' includes amounts forgone under specified exemptions or comparable preferential provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Elimination of double taxation: reciprocal tax credits for taxes paid on the same income or capital across jurisdictions.
The Convention provides reciprocal relief for double taxation by permitting a tax credit for taxes paid in one Contracting State against tax computed in the other on the same items of income or capital. Sri Lanka tax so paid is creditable against Indian tax on the same Sri Lanka-source income or capital, limited to the Indian tax attributable to those items, with special ordering for company surtax. Similarly, Indian tax so paid is creditable against Sri Lanka tax on the same India-source items, limited to the Sri Lanka tax attributable to those items. "Tax payable" includes amounts forgone under specified exemptions or comparable preferential provisions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
