Wednesday, 1 July 2015

Daily News Mail - News of 29/06/2015

India, Thailand to sign double taxation avoidance treaty
India and Thailand will sign a double taxation treaty during the upcoming three-day visit of External Affairs Minister Sushma Swaraj.

What is Double Taxation?
Double taxation is the levying of tax by two or more jurisdictions on the same declared income (in the case of income taxes), asset (in the case of capital taxes), or financial transaction (in the case of sales taxes). This double liability is often mitigated by tax treaties between countries.

What is Double Tax Avoidance Agreement (DTAA)?
DTAA also referred as Tax Treaty is a bilateral economic agreement between two nations that aims to avoid or eliminate double taxation of the same income in two countries.

DTAA provides that business profits will be taxable in the source country if the activities of an enterprise constitute a permanent establishment (PE).

Benefits of such agreements:

  • Deals with the black money menace.
  • Provides solutions to avoid double taxation of same income.
  • The agreements generally provide for other matters of common interest of the two countries such as exchange of information, mutual assistance procedure for resolution of disputes and for mutual assistance in effecting recovery of taxes.
  • It will provide tax stability to the residents of both the countries and will facilitate mutual economic.

The Nabakalebar festival to be promoted through Incredible India campaign
  • Since Lord Jagannath’s Nabakalebar festival is being observed after a gap of 19 years, the Centre has decided to promote the Hindu religious festival under ‘the Incredible India Campaign for its international branding’.
  • The preparations are on in Puri for Nabakalebar festival to be celebrated on 10th July this year.
  • As per tradition of the Puri temple, the old bodies of the deities at Puri temple will be replaced by the new ones made of Neem (Margo) wood logs called sacred Daru. This religious ritual is known as Banayaga Parba of the Nabakalevara ceremony.
  • On this occasion, the Union Culture Ministry will release a postal stamp and coin to mark the long-awaited festival.
About Nabakalebar festival:
  • The Nabakalebara is an ancient ritual associated with most of the Jagannath Temples when the Idols of Lord Jagannath, Balabhadra, Subhadra and Sudarshan are replaced by a new set of Idols.
  • A year with an extra Ashadha masa/month as per Hindu Calendar is considered auspicious for conducting the ceremony. This usually occurs every twelve to nineteen years.
  • The Deities are made from a special type of Neem wood known as Daru Bramha.
  • Preparations for the ceremony start in the month of Chaitra. Last ceremony was done in the year 1996.
  • This festival is celebrated at the Jagannath Temple in Puri, Orissa.

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