India's Central Board of Direct Taxes (CBDT) recently released details of an instruction designed to benefit Indian and UK taxpayers under the auspices of the double tax treaty between the two countries.
Under the new rule, which was agreed upon earlier this year, but only unveiled by the CBDT late last month, taxpayers will be able to postpone the payment of tax demands until disputes with the tax authorities of either country have been resolved.
Before the introduction of the amendment, taxpayers were usually obliged to pay at least 50% of the disputed amount prior to the resolution of the case.
However, in order to benefit from the new instruction, taxpayers must be able to prove, by producing a bank guarantee, that they have access to sufficient assets to repay the full tax liability if necessary.
The move has reportedly been welcomed by non-resident taxpayers in both countries.
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