https://www.taxtmi.com/highlights?id=81227 The assessee, a Limited Liability Company (LLC) under US tax laws, was denied treaty benefits under the India-USA Double Taxation Avoidance Agreement (DTAA) by the Assessing Officer (AO), who proposed to assess the income at 25% instead of the concessional 15% rate. The AO concluded that the LLC did not qualify as a 'Resident' under Article 4 of the DTAA, as only entities liable to tax in their country are considered residents. However, the Tribunal held that the assessee, being a resident under Article 4 by virtue of incorporation and recognition as a separate entity from its members, qualifies as a 'person'. The assessee is liable to tax in the US under its Income Tax Law, as LLCs have the option to be taxed as corporations or have their ..... en-us Wed, 11 Sep 2024 09:07:03 +0530 Wed, 11 Sep 2024 09:07:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81227 The assessee, a Limited Liability Company (LLC) under US tax laws, was denied treaty benefits under the India-USA Double Taxation Avoidance Agreement (DTAA) by the Assessing Officer (AO), who proposed to assess the income at 25% instead of the concessional 15% rate. The AO concluded that the LLC did not qualify as a 'Resident' under Article 4 of the DTAA, as only entities liable to tax in their country are considered residents. However, the Tribunal held that the assessee, being a resident under Article 4 by virtue of incorporation and recognition as a separate entity from its members, qualifies as a 'person'. The assessee is liable to tax in the US under its Income Tax Law, as LLCs have the option to be taxed as corporations or have their ..... Highlights Income Tax Wed, 11 Sep 2024 09:07:03 +0530 https://www.taxtmi.com/highlights?id=81227