Overseas income of an Indian Association/ Resident Indian – To be added to taxable income and then relief to be granted under DTAA
Central Government has notified that where an agreement entered into by any specified association in India with any specified association in the specified territory outside India and adopted by the Central Government by way of notification in the Official Gazette, for granting relief of tax, or as the case maybe, avoidance of double taxation, provides that any income of a resident of India "may be taxed" in the other country, such income shall be included in his total income chargeable to tax in India in accordance with the provisions of the Income-tax Act, 1961 and relief shall be granted in accordance with the method for elimination or avoidance of double taxation provided in such agreement.
IT Notification No. 90 and 91/2008, Dated: August 28, 2008