Agreements with foreign countries or specified territories

To award relief for income on which both income tax under this Act and income tax in that country or specified territory have been paid, the Central Government may reach an agreement with the Government of any nation outside India or defined territory outside India. To encourage reciprocal economic contacts, trade, and investment, the Central Government may enter into an agreement for the provision of relief in regard to income-tax chargeable under this Act and under the applicable legislation in effect in that nation or defined territory, as the case may be.

For the purpose of preventing income from being taxed twice under this Act and the relevant legislation in effect in any nation outside of India or a designated territory outside of India, the Central Government may reach an agreement with the Ministry of any such country or territory.

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In order to prevent income tax evasion or avoidance charged under this Act or under the applicable law in that country or specified territory, as the case may be, or to investigate cases of such evasion or avoidance, the Central Government may sign an agreement with the Government of any nation outside India or specified territory outside India. For the purpose of recovering income tax under this Act and under the applicable legislation in effect in any nation outside of India or a designated territory outside of India, the Central Government may reach an agreement with the Ministry of any such country or territory.

The provisions of this Act will apply to the assessee to whom such an agreement applies to the extent that they are more advantageous to that assessee in cases where the Central Government has reached an arrangement with the Government of any nation outside of India or specified territory outside of India, as the case may be, under the aforementioned sub-section for granting tax relief or, as the case may be, avoiding double taxation.

Despite the terms of the aforementioned sub-section, the assessee is nevertheless subject to Chapter X-A of the Act's provisions, even if they are not advantageous to him. Unless the context clearly dictates otherwise and is not in conflict with this Act's provisions or the agreement, any term utilised but not defined in either this Act or the agreement mentioned in the aforementioned subsection shall have the same meaning as that given to it in the Central Government's corresponding notification published in the Official Gazette. Finally, you should check the news on 80gga.