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of <h1>Indo-Mauritius DTAC: Mauritius-based entities with a Residence Certificate exempt from Indian capital gains tax.</h1> The circular clarifies the taxation of income from dividends and capital gains under the Indo-Mauritius Double Tax Avoidance Convention (DTAC). It states that entities incorporated in Mauritius, such as Foreign Institutional Investors, are considered residents of Mauritius if they hold a Certificate of Residence issued by Mauritian authorities. This certificate is sufficient to establish residence and beneficial ownership, exempting them from Indian taxes on capital gains from share sales. If an entity is a resident of both India and Mauritius, its tax residence is determined by the location of its effective management. If the effective management is in India, the entity will be taxed in India under the DTAC.
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