India sign DTAA(Double tax avoidance agreement) with Norway. DTAA is the tax avoidance tool with which people of both countries need to pay only one country where income occurs. Income tax department has issued a notification no. 24/2012 dated 19-06-2012 about this. Full notification is as under.
NOTIFICATION NO. 24/2012 [F.NO. 505/3A/81-FTD-I], DATED 19-6-2012
Whereas an Agreement between the Republic of India and the Kingdom of Norway for the avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital was signed at New Delhi on the 2nd day of February, 2011;
And whereas, the date of entry into force of the said Protocol is the 20th day of December, 2011, being the date of later of the notifications of satisfaction of all legal requirements and procedures as required by the respective laws for entry into force of the Agreement, in accordance with Paragraph 2 of Article 31 of the said Agreement ;
And whereas, sub-paragraph (a) of Paragraph 3 of Article 31 of the said Agreement provides that the provisions of the said Agreement shall have effect in India in respect of income derived or capital owned in any fiscal year beginning on or after the first day of April next following the calendar year in which the Agreement entered into force;
Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby directs that all the provisions of the said Agreement, as set out in the Annexure hereto, shall be given effect to in the Union of India. In respect of income and on Capital arising in any fiscal year beginning on or after the 1st day of April, 2012.
Tags-dtaa with norway,norway dtaa,double tax avoidance agreement,double tax avoidance agreement with norway.