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of <h1>India-Sri Lanka DTAA Article 24: Relief from Double Taxation on Income and Capital, Tax Credits, and Limitations Explained.</h1> Article 24 of the Double Taxation Avoidance Agreement (DTAA) between India and Sri Lanka addresses the elimination of double taxation on income and capital. It stipulates that income or capital taxed in both countries will receive relief as specified in the article. Sri Lanka tax payable can be credited against Indian tax, subject to certain limitations, and vice versa. The article also defines what constitutes 'tax payable' in each country, including exemptions or reductions under specific legislative provisions. The provisions ensure that credits do not exceed the tax appropriate to income or capital sourced from the respective countries.
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