9911796707
TMI BlogElimination of double taxationX X X X Extracts X X X X X X X X Extracts X X X X ..... ncome or capital is subject to tax in both Contracting States, relief from double taxation shall be given in accordance with the following paragraphs of this Article. 2. Subject to the provisions of the law of India regarding the allowance as a credit against Indian tax of tax payable in a territory outside India (which shall not affect the general principle hereof) Sri Lanka tax payable under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... instance against income-tax payable by the company in India, and as to the balance, if any, against surtax payable by it in India. 3. For the purposes of paragraph (2) of this Article, the term "Sri Lanka tax payable" shall be deemed to include any amount which would have been payable as Sri Lanka tax for any year but for an exemption or reduction of tax granted for that year or any part thereof ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the provisions of the law of Sri Lanka regarding the allowance as a credit against Sri Lanka tax of tax payable in a territory outside Sri Lanka (which shall not affect the general principle hereof) Indian tax payable under the law of India and in accordance with the Convention, whether directly or by deduction, on profits, income or chargeable gains from sources within India (excluding in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , sections 10(4), 10(4A), 10(15)(iv), 32A, 33A, 35C, 54E, 80CC, 80HH, 80J, 80K, of the Income Tax Act, 1961; or (b) any other provisions which may subsequently be made granting an exemption or reduction of tax which is agreed by the competent authorities to be of a substantially similar character if it has not been modified thereafter or has been modified only in minor respects so as not to affect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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