Claiming benefits under DTAA
Our clients rely on us completely for the easy delivery of the matters related to claiming benefits under DTAA. Our timely intimations and reminders help our clients to avail the DTAA benefits.
With the increasing number of MNCs incorporating beyond the local horizons to get leverage on cost and other benefits of working in various economies of the world, a large number of employees from one country to another. This has given rise to personal tax implications in multiple countries resulting in double taxation. In order to avoid double taxation of same income, the non-residents must avail the benefits of Double Taxation Avoidance Agreements (DTAA). As of now, India has comprehensive DTAA with 85 countries.
NRIs can avail benefits under the DTAA by timely submission of documents listed below to the deductor (bank):
• Tax Residency Certificate
• Self-attested copy of PAN Card
• Self-declaration cum indemnity format
• Self-attested copy of Passport and Visa
• Copy of PIO Proof
The NRIs are required to provide all the requisite documents every year to avail the benefit under DTAA as it is analysed annually. In case the prescribed documents are not submitted to the bank within stipulated time, the bank will have to deduct interest earned on NRO deposits at the presently applicable rate of 30.9 %.