New Delhi: India and Sweden have made amendments to the convention on avoidance of double taxation, by signing a protocol at Stockholm, Sweden. The Protocol will replace the Article concerning exchange of information in the existing Double Taxation Avoidance Convention (DTAC) between India and Sweden and will allow exchange of banking information.
DTAC for avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on June 24, 1997 between the two countries.
India has also signed Double Tax Avoidance Agreements (DTAA) with many countries and is in the process of modifying the agreements in line with the international norms.
Currently, India has amended DTAAs with Switzerland, Australia and Singapore.
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