Assessee can choose between treaty rate & 115A

Section 115A; vs DTAA rate; Assessee can choose between treaty rate and 115A for different agreements before and after 1.6.2005 As per the Income Tax Act the tax on royalty income in respect of agreements entered into before 1.6.2005 is 20% and the rate of tax in respect of agreements entered into on or after 1.6.2005 is 10%. As per Article 12 of the India-USA DTAA Treaty, royalty income is chargeable to tax @ 15%. We have held that the provisions of section 115A, concerning the taxability of royalty income are separate and independent and  therefore, consequently, the assessee is justified i...