« Top Headlines » Open DEMAT Account in 24 hrs  Budget 2024 makes new income tax regime more attractive: See how much taxes you can now save  ITR filing 2024: New vs old income tax regimes, 6 key things to consider while filing your tax return  These five technical glitches may impact your Income tax return (ITR) filing. Know here  ITR filing 2023-24: How to optimise Section 80D deductions at the time of filing tax returns  ITR filing 2023-24: Top 7 mistakes to avoid for hassle-free income-tax return filing this year  Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year  ITR Filing 2024: Know who can and cannot file income tax returns using ITR-1 this year  Income Tax Filing: 10 necessary guidelines that you must be aware of  Why you should file your income tax returns before July 31  What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)  Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR? «  Semi-conductor units to get tax incentives... I-T dept to accept e-filings of returns... » Mauritius plugs gaps in tax treaty October, 12th 2006 Mauritius has kept its word. The island nation has swiftly acted to address issues raised by India on the alleged misuse of the double taxation avoidance agreement (DTAA). To stop India from pushing for a review of the treaty, Mauritius has tightened procedures for obtaining a tax residency certificate. The move includes ensuring that all banking transactions are routed though an account in Mauritius. The Mauritius revenue department issued a circular last week in this regard. The circular laid down enhanced procedures for issue of tax residency certificate. The new circular strengthens the case for genuine Mauritius resident companies to take benefit of tax treaty instead of letter-box companies, Sudhir Kapadia, partner, BSR & Co said. The circular came close on the heels of an assurance given by Mauritius deputy prime minister and finance minister Rama Sithanen during his visit to India in August. He had said Mauritius would ensure that interests of both parties to the treaty were protected and any alleged misuse was dealt with. As per the circular, companies must have two resident directors from Mauritius at all time. Also, these directors should be of good repute and must have the requisite qualifications. All the meetings of the board must be held, chaired and have their minutes recorded in Mauritius. The company must keep all its accounting records at its registered office in Mauritius. It must also ensure that all banking transactions are routed though an account in Mauritius. Companies applying for the residency certificate should furnish an undertaking on all these accounts every year, when it comes up for renewal. Also, the certificate would be issued on the recommendation of the Finance Service Commission of Mauritius. The recommendation can be revoked by the commission, if it feels that the company has not fulfilled the conditions of the circular and is not in good standing. Mr Kapadia said Mauritius, it seems, is attempting to put apprehensions expressed by India at rest and also to make an impression internationally that it is a mature and responsible jurisdiction.