Double taxation avoidacne agreement: Between India and the United States - PRESS RELEASE - Income Tax

Double taxation avoidacne agreement: Between India and the United States Notification Number: PRESS RELEASE Dated 12/04/1989 An agreement between India and the United States of America for the avoidance of double taxation of income of enterprises operating ships and aircrafts was signed here (New Delhi) today (12-4-89). Dr. Nitish Sengupta, Secretary (Revenue), Ministry of Finance and Dr. John R. Hubbard, the Ambassador, United States Embassy in New Delhi, signed the agreement on behalf of their respective Governments. This agreement amends the existing agreement of 1976, which provided for mutual exemption of aircraft profits by the two countries. Under the present agreement, Air-India and its 100 per cent. subsidiaries and the shipping enterprises resident in India would be exempt from income-tax in respect of income from international operations in the United States from the 1st day of January, 1987, on a reciprocal basis. Similar exemption will be extended to American enterprises from income-tax in India. [Source: PIB Press Release dated 12-4-1989 .]