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of <h1>India-UAE Circular: Ensure Tax Deductions on Interest, Dividends Follow DTAA for Non-Resident Indians to Avoid Excessive Rates.</h1> The circular addresses concerns from non-resident Indians in the UAE regarding excessive tax deductions on interest and dividends by banks and the U.T.I., contrary to the Double Taxation Avoidance Agreement (DTAA) between India and the UAE. It reiterates that taxes should be deducted at rates most beneficial to the taxpayer, as per either the Finance Act or the DTAA. Specifically, dividends are taxed at 5% for companies owning at least 10% shares, and 15% otherwise; interest at 5% for bank loans, and 12.5% otherwise; and royalties at 10%. Adherence to these rates is emphasized to prevent taxpayer inconvenience.
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