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of <h1>India Lowers Tax Rate to 20% on Royalties and Fees to Canadian Residents u/s 90 of Income-tax Act.</h1> The Government of India, under section 90 of the Income-tax Act, 1961, and section 24A of the Companies (Profits) Surtax Act, 1964, has amended the tax rate on royalties and fees for technical services paid by Indian residents to Canadian residents. Following an agreement with Sweden, a member of the OECD, India has accepted a reduced tax rate of 20% for such payments. This rate applies to rights or properties first granted, or contracts signed, after December 12, 1988. This directive modifies the previous rate of 30% as per the India-Canada agreement to prevent double taxation and fiscal evasion.
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