« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Finance ministry tax vexes Mumbai international financial... Chidambaram may discuss tax issues with PSB chiefs... » Cyprus may cease to be capital gains tax haven February, 12th 2008 The party may soon be over for investors coming into India from Cyprus. The double taxation avoidance agreement (DTAA) between the two countries is all set to lose the capital gains tax exemption benefit. Both the governments are understood to have concluded negotiations on amendments to the tax treaty, following which residents, both individuals and companies of Cyprus, would have to pay capital gains tax at the rate of 10%. A limitation on benefits clause to ensure ineligible entities cannot get a benefit under the tax treaty is also proposed to be inserted. The changes in the treaty were likely to be notified soon, sources said. Cyprus does not impose capital gains tax on its residents, and with India exempting the capital gains under the treaty, investors could avail of the benefits similar to the India-Mauritius DTAA. The dividend income is also exempt from withholding tax. The India-Cyprus tax treaty was notified in 1995. The proposed amendments to the India-Cyprus tax treaty are akin to the changes in the India-United Arab Emirates DTAA notified recently. Under the India-UAE tax treaty, capital gains have been made taxable in the state where the gains are earned. India is also trying to renegotiate its tax treaty with the island nation of Mauritius. With tax treaties with the UAE and Cyprus losing their tax concessions, it would be easier for New Delhi to wield pressure on Mauritius for amending the agreement. Interestingly, Mauritius, which is lobbying hard for continuing the tax treaty, has renegotiated the agreement with China and removed the tax concessions. Preventing abuse of tax treaties weighs high on the Indian governments agenda. The tax havens are used by investors to avail tax benefits by routing their investments through shell or paper box companies registered there. The National Common Minimum Programme of the United Progressive Alliance government has also resolved to prevent the misuse of tax treaties.