What is Double Taxation Avoidance Agreement (DTAA)?
DTAAs are agreements India has with various countries to prevent double taxation of the same income earned by individuals. If an individual is a tax resident in a country outside of India and earns income that is also taxable in India, a DTAA allows for exemptions or tax credits in order to avoid taxing that income twice.
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How does residential status impact taxation in India?
A Resident and Ordinarily Resident (ROR) is taxed on their global income, including income earned both in India and abroad. An RNOR and an NR are taxed only on the income that is generated or received in India, while their foreign income is not ...
What are the classifications of residential status?
Individuals are classified into three categories: Resident and Ordinarily Resident (ROR), Resident but Not Ordinarily Resident (RNOR), and Non-Resident (NR). Each classification affects how an individual’s income is taxed in India and whether their ...