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of <h1>India-US Convention on Double Taxation: Key Provisions on Business Profits, Exemptions, and Concessional Tax Rates</h1> A convention was signed on September 12, 1989, between the governments of India and the United States to avoid double taxation and prevent fiscal evasion regarding income taxes. The agreement stipulates that business profits will be taxed in the other country only if a permanent establishment exists there. It provides mutual exemptions for aircraft and shipping profits and sets concessional tax rates for dividends, interest, royalties, and certain service fees. The convention will be effective upon the exchange of notes confirming legal procedures. It aims to enhance bilateral economic relations, promote investments, exports, and technology flow, benefiting India's economic growth.
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