TaxTMI 
TaxTMI 
Protocol amending the Double Taxation Amending Convention (DTAC) between India and Japan comes into force; Protocol amending the DTAC aims to promote transparency and cooperation between the two countries
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....rotocol amending the Double Taxation Amending Convention (DTAC) between India and Japan comes into force; Protocol amending the DTAC aims to promote transparency and cooperation between the two countries <br>News and Press Release<br>Dated:- 10-11-2016<br><BR>A Protocol amending the Double Taxation Avoidance Convention (DTAC) between India and Japan for the Avoidance of Double Taxation and the Pre....
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....vention of Fiscal evasion with respect to taxes on income which was signed on 11th December, 2015 has entered into force on 29th October, 2016 on completion of procedural requirements by both countries. The Protocol amending the DTAC aims to promote transparency and cooperation between the two countries. The Protocol provides for internationally accepted standards for effective exchange of inform....
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....ation on tax matters including bank information and information without domestic tax interest. It is further provided that the information received from Japan in respect of a resident of India can be shared with other law enforcement agencies with authorization of the Competent Authority of Japan and vice versa. The Protocol provides for exemption of interest income from taxation in the source co....
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....untry with respect to debt-claims insured by the Government/Government owned financial institutions. The Protocol inserts a new article on assistance in collection of taxes. India and Japan shall now lend assistance to each other in the collection of revenue claims. The existing Double Taxation Avoidance Convention (DTAC) between India and Japan was earlier signed on 7th March, 1989 and was noti....
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....fied on 1st March 1990. The DTAC was subsequently amended on 24th February, 2006.<BR> News - Press release - PIB....