Applicable rates of taxes under the Double Taxation Avoidance Agreement between India and the United Arab Emirates

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....s (UAE) that the banks and the U.T.I. have been deducting tax at source on interest and dividend incomes at rates higher than those provided in the Double Taxation Avoidance Agreement between India and the United Arab Emirates. This has forced the non-resident Indians to seek remedy by way of refunds. It also appears that in each of such cases where refund was due and where a decision on the appli....

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....unt of the dividends if the beneficial owner is a company which owns at least 10 per cent. of the shares of the company paying the dividends. (b) 15 per cent. of the gross amount of the dividends in all other cases. (ii) Interest : (a) 5 per cent. of the gross amount of the interest if such interest is paid on a loan granted by a bank carrying on a bona fide banking business or by a similar ....