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(Click here to read more) Income tax investigation wing officials had launched searches on
the premises of Buhari Group and Gulf-based ETA Group of
India and Singapore Sign a Third Protocol for amending the
Companies in Chennai and other places following information on
DTAA concealment of income by them. In Tamil Nadu, the searches
The India-Singapore DTAA at present provides for residence were being carried out in Chennai, Tuticorin, Keelakarai
based taxation of capital gains of shares in a company. The Third (Ramanathapuram district) and a few other places.
Protocol amends the DTAA with effect from 1st April, 2017 to
Buhari Group has interests in construction, power, trading,
provide for source based taxation of capital gains arising on engineering, real estate and shipping. The group also owns a
transfer of shares in a company. This will curb revenue loss,
famous engineering college on the outskirts of Chennai.
prevent double non-taxation and streamline the flow of
investments. In order to provide certainty to investors, ETA Group too has interests in various sectors. Its operations are
investments in shares made before 1st April, 2017 have been spread across the country and abroad.
grandfathered subject to fulfillment of conditions in Limitation of
Benefits clause as per 2005 Protocol. Further, a two year (Click here to read more)
transition period from 1st April, 2017 to 31st March, 2019 has
been provided during which capital gains on shares will be taxed
in source country at half of normal tax rate, subject to fulfillment
of conditions in Limitation of Benefits clause.
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