This India DTAA rates comparison sets out, for 26 of India’s treaty partners, the withholding caps, the rule for gains on Indian shares, the treaty’s anti-abuse clauses, any most-favoured-nation (MFN) clause and the investment-protection position, as of 29 October 2026. Each entry cites the article that decides it.
How to read the tables. Each rate is the most India may tax at source on the gross amount. It is a ceiling, not the rate India charges. Under s.159(4) of the Income-tax Act 2025, the Act’s provisions apply “to the extent they are more beneficial” to the taxpayer, so a lower domestic rate prevails. Most caps apply only where the recipient is the beneficial owner of the income. A non-resident needs a tax residency certificate (TRC) from its own government and the information in Form 41 to claim any treaty rate (s.159(8); rule 75(1), Income-tax Rules 2026). The Form 41 and TRC guide covers the filing.
What changed in 2025–26. The new India–Qatar treaty has effect in India from 1 April 2026. The Oman Protocol cut royalties and technical fees to 10% and added a principal purpose test (PPT), also for income from 1 April 2026. The Mauritius Protocol’s PPT has effect from 10 August 2026; India notified it on 13 October 2026, and we found no official guidance on claims made in between. Switzerland announced in December 2024 that it would stop applying the MFN dividend rate from 1 January 2025. An India–France amending protocol signed on 18 February 2026 is reported; it is not in force as of 29 October 2026.
Review. Last reviewed 29 October 2026. The tables are rechecked against new treaty notifications, MLI positions, judgments and investment-treaty status.
Table 1: India DTAA rates comparison for withholding (treaty maximum — not necessarily the actual withholding rate)
Maximum rate on the gross amount. Article of the treaty in brackets. FTS means fees for technical services; “make available” marks a treaty whose FTS definition is limited to services that make technical knowledge available.
| Partner | Dividends | Interest | Royalties | FTS |
|---|---|---|---|---|
| Australia | 15% (10(2)) | 15% (11(2)) | 15%; equipment 10% (12(2)) | No FTS article; “make available” services are royalties, 15% (12(3)(g)) |
| Austria | 10% (10(2)) | 10% (11(2)) | 10% (12(2)) | 10% (12(2)) |
| Belgium | 15% (10(2)) | 10% bank; 15% other (11(2)) | 10% (12(2)) | 10% (12(2)) |
| Canada | 15% if company controls ≥10% of votes; 25% other (10(2)) | 15% (11(2)) | 15%; equipment 10% (12(2)) | 15%, make available; 10% equipment-linked (12(2), 12(4)) |
| Cyprus | 10% (10(2)) | 10% (11(2)) | 10% (12(2)) | 10% (12(2)) |
| France | 10% (11(2)) | 10% (12(2)) | 10% (13(2)) | 10% (13(2)) |
| Germany | 10% (10(2)) | 10% (11(2)) | 10% (12(2)) | 10% (12(2)) |
| Hong Kong | 5% (10(2)) | 10% (11(2)) | 10% (12(2)) | 10% (13(2)) |
| Ireland | 10% (10(2)) | 10% (11(2)) | 10% (12(2)) | 10% (12(2)) |
| Italy | 15% if company holds ≥10%; 25% other (11(2)) | 15% (12(2)) | 20% (13(2)) | 20% (13(2)) |
| Japan | 10% (10(2)) | 10% (11(2)) | 10% (12(2)) | 10% (12(2)) |
| Korea | 15% (10(2)) | 10% (11(2)) | 10% (12(2)) | 10% (12(2)) |
| Kuwait | 10% (10(2)) | 10% (11(2)) | 10% (12(2)) | 10% (12(2)) |
| Luxembourg | 10% (10(2)) | 10% (11(2)) | 10% (12(2)) | 10% (12(2)) |
| Mauritius | 5% if company holds ≥10% directly; 15% other (10(2)) | 7.5% (11(2)) | 15% (12(2)) | 10% (12A(2)) |
| Netherlands | 10% (10(2)) | 10% (11(2)) | 10% (12(2)) | 10%, make available (12(2), 12(5)) |
| Oman | 10% if company holds ≥10%; 12.5% other (11(2)) | 10% (12(2)) | 10% (13(2)) | 10% (14(2)) |
| Qatar | 5% if company holds ≥25%; 10% other (10(2)) | 10% (11(2)) | 10% (12(2)) | 10% (12(2)) |
| Saudi Arabia | 5% (10(2)) | 10% (11(2)) | 10% (12(2)) | No FTS article |
| Singapore | 10% if company holds ≥25%; 15% other (10(2)) | 10% bank or similar institution, including an insurer; 15% other (11(2)) | 10% (12(2)) | 10%, make available (12(2), 12(4)) |
| Spain | 15% (11(2)) | 15% (12(2)) | 10% (13(2)) | 10% (13(2)) |
| Sweden | 10% (10(2)) | 10% (11(2)) | 10% (12(2)) | 10% (12(2)) |
| Switzerland | 10% (10(2)) | 10% (11(2)) | 10% (12(2)) | 10% (12(2)) |
| UAE | 10% (10(2)) | 5% bank; 12.5% other (11(2)) | 10% (12(2)) | No FTS article |
| UK | 10%; 15% from property-investment vehicles (11(2)) | 10% bank; 15% other (12(2)–(3)) | 15%; equipment 10% (13(2)) | 15%, make available; 10% equipment-linked (13(2), 13(4)) |
| USA | 15% if company holds ≥10% of voting stock; 25% other (10(2)) | 10% bank, financial institution or insurer; 15% other (11(2)) | 15%; equipment 10% (12(2)) | 15%, make available; 10% equipment-linked (12(2), 12(4)) |
Notes to Table 1
- Old 20% rates. The US, UK, Canada and Australia treaties set 20% for the first five years for non-government payers. For the years after that, each reads 15% (US and Canada Art 12(2)(a)(ii); UK Art 13(2)(a)(ii); Australia Art 12(2)(b)(ii)). For the US and UK positions in practice, see the US–India tax treaty guide and the UK–India tax treaty guide.
- Oman. The 10% rates for royalties (Art 13(2)) and technical fees (Art 14(2)) replaced 15% (Notification 69/2025, S.O. 2858(E), 25 June 2025). They apply to income of fiscal years beginning on or after 1 April 2026 (Protocol Art 15(3)(a), as recited in the notification). The footnote date “w.e.f. 25-6-2025” on the consolidated text is the notification date.
- Qatar. The rates are those of the Agreement signed on 18 February 2025, in force on 10 September 2025 (Art 30(2)). It has effect in India for income arising from 1 April 2026 (Art 30(3); Notification 154/2025, G.S.R. 789(E), 24 October 2025). It replaces the 1999 agreement. The Gulf treaties guide covers Qatar, Oman and Saudi Arabia.
- Spain. FTS and royalties other than for equipment fell from 20% to 10% from assessment year 2024-25 (Notification 33/2024, S.O. 1484(E), 19 March 2024).
- France, the Netherlands and Belgium. The France and Netherlands 10% rates, and Belgium’s 10% on royalties and FTS, came in through India’s MFN notifications of 1999–2001 (Table 3).
- No FTS article. The UAE and Saudi treaties have none. The Saudi Protocol (para 15) provides for a review “to consider the inclusion of” one. For the UAE, see the India–UAE tax treaty guide.
- Domestic rates and repatriation. India’s own withholding rates, and the routes for taking profits out (dividends, royalties, interest, buy-backs), are in India withholding tax rates and repatriation.
Table 2: gains on Indian shares and the anti-abuse route
“Treaty anti-abuse rule” means a limitation-of-benefits (LOB) clause or PPT in the notified treaty text. The MLI column shows whether the Multilateral Instrument’s PPT reaches the treaty, as recorded in the Income Tax Department’s synthesised texts; see the notes.
MLI column. Sixteen entries are taken from the Income Tax Department’s synthesised texts (read 31 October 2026). For the other partners the Department publishes no synthesised text, so no MLI change is shown. Whether India can apply the MLI PPT without a treaty-specific notification is contested (see the notes).
| Partner | Gains on shares of an Indian company | Treaty anti-abuse rule | MLI PPT (Art 7(1)) |
|---|---|---|---|
| Australia | India may tax (13(5)) | None in treaty | Applies and supersedes (ITD synthesised text); enforceability contested |
| Austria | India may tax (13(5)) | None in treaty | Applies and supersedes (ITD synthesised text); enforceability contested |
| Belgium | India may tax a participation of 10% or more (13(5)); otherwise residence only (13(6)) | None in treaty | Applies and supersedes (ITD synthesised text); enforceability contested |
| Canada | Both States may tax (13(2)) | None in treaty | Applies and supersedes (ITD synthesised text); enforceability contested |
| Cyprus | India may tax (13(5)); shares acquired before 1 Apr 2017 residence only (Protocol para 2) | None in treaty | Applies and supersedes (ITD synthesised text; later effective date); enforceability contested |
| France | India may tax a participation of 10% or more (14(5)); otherwise residence only (14(6)) | None in treaty | Applies and supersedes (ITD synthesised text); enforceability contested |
| Germany | India may tax (13(4)) | None in treaty | No ITD synthesised text; no MLI change shown |
| Hong Kong | India may tax (14(5)) | Art 28 (main purpose, treaty shopping, bona fide business); main-purpose tests in Arts 10–14 | Applies and supersedes (ITD synthesised text; later effective date); enforceability contested |
| Ireland | India may tax (13(5)) | None in treaty | Applies and supersedes (ITD synthesised text). MLI PPT held not applicable without a notification (Sky High, Kosi) |
| Italy | India may tax (14(5)) | None in treaty | No ITD synthesised text; no MLI change shown |
| Japan | India may tax (13(3)) | None in treaty | Applies (ITD synthesised text); enforceability contested |
| Korea | India may tax only if the seller held 5% or more in the preceding 12 months (13(5)) | Art 28 LOB: no benefit under Arts 10–13 for a resident controlled, directly or indirectly, by non-residents (28(3)(a)), or where a main purpose is to take advantage of those articles (28(3)(b)); general main-purpose test (28(2)) | Replaces Art 28(2) (ITD synthesised text; later effective date); enforceability contested |
| Kuwait | India may tax (13(5)) | Art 27 LOB (primary purpose; bona fide business) | No ITD synthesised text; no MLI change shown |
| Luxembourg | India may tax (13(5)) | Art 29 LOB (main purpose; bona fide business) | Replaces Art 29(2)–(3) (ITD synthesised text); enforceability contested |
| Mauritius | Shares acquired from 1 Apr 2017: India may tax (13(3A)); earlier shares residence only (13(4)) | PPT, Art 27B (from 10 Aug 2026); Art 27A LOB for 13(3B) only | No ITD synthesised text; the treaty has its own PPT (Art 27B) |
| Netherlands | Residence only (13(5)), except land-rich shares with a 25% interest (13(4); 365-day look-back under the MLI, see notes) and a 10% interest sold to an Indian resident outside a reorganisation (13(5)) | None in treaty | Applies and supersedes (ITD synthesised text); enforceability contested |
| Oman | India may tax (15(5)) | PPT, Art 27B (income from 1 Apr 2026) | No ITD synthesised text; the treaty has its own PPT (Art 27B) |
| Qatar | India may tax (13(5)) | PPT, Art 28 (income from 1 Apr 2026) | India listed the 1999 agreement, now replaced |
| Saudi Arabia | India may tax (13(5)) | Art 26(2)–(3) (main purpose; bona fide business) | No ITD synthesised text; no MLI change shown |
| Singapore | Shares acquired before 1 Apr 2017: residence only (13(4A)), subject to Art 24A; later shares: India may tax (13(4B)) | Art 24A LOB for 13(4A) gains; Art 28A keeps domestic rules | Applies (ITD synthesised text); enforceability contested |
| Spain | India may tax a participation of 10% or more (14(5)); otherwise residence only (14(6)) | Art 28B (main-purpose test, 28B(4)) | Applies and supersedes (ITD synthesised text; later effective date); enforceability contested |
| Sweden | Land-rich shares (13(4)); other shares residence only if the seller is taxed there (13(5)) | None in treaty | No ITD synthesised text; no MLI change shown |
| Switzerland | India may tax (13(5)(b)) | Conduit-arrangement rule (Protocol) | No ITD synthesised text; no MLI change shown |
| UAE | India may tax (13(4)) | Art 29 LOB (main purpose; bona fide business) | Replaces Art 29 (ITD synthesised text); enforceability contested |
| UK | Domestic law applies (14(1)) | Art 28C LOB; main-purpose rules in Arts 11(6), 12(11), 13(9) | Replaces Art 28C (ITD synthesised text; the UK reads it more widely); enforceability contested |
| USA | Domestic law applies (13) | Art 24 LOB | The United States has not signed the MLI, so the MLI does not modify this treaty |
Notes to Table 2
- Grandfathered shares. Singapore, Mauritius and Cyprus keep residence-only taxation for shares acquired before 1 April 2017. CBDT Circular 01/2025 keeps these grandfathering provisions “outside the purview of the PPT provision” (para 4.B). GAAR does not apply to income from transferring investments made before 1 April 2017 (rule 128(1)(d) and (2), Income-tax Rules 2026, as substituted by Notification 55/2026). Which treaties still keep an exit outside Indian tax is the subject of where India still can’t tax your exit. For Singapore, see the India–Singapore tax treaty guide; for Dutch holding companies, Netherlands or Luxembourg holding company.
- Netherlands. The 10% rule does not apply to gains “realised in the course of a corporate organisation, reorganization, amalgamation, division or similar transaction” where the buyer or the seller owns at least 10% of the other (Art 13(5)). For the land-rich rule in Art 13(4), the Income Tax Department’s synthesised text shows paragraph 1 of Article 9 of the MLI applying, so the value threshold counts if met “at any time during the 365 days preceding the alienation”. That look-back depends on the MLI applying, and is subject to the Sky High and Kosi caveat below.
- MLI column. India’s MLI position, deposited on 25 June 2019, lists all 26 treaties (the Qatar entry is the 1999 agreement). The MLI changes a treaty only where the partner’s choices match. The Income Tax Department publishes synthesised texts for 33 treaties. For 16 of these partners the text states that paragraph 1 of Article 7 of the MLI “applies”, “applies and supersedes” the treaty’s provisions, or “replaces” a named anti-abuse article (UAE Art 29, UK Art 28C, Korea Art 28(2), Luxembourg Art 29(2)–(3)). For most, the PPT has effect in India from 1 April 2020; Cyprus, Korea, Spain and Hong Kong (and Canada for taxes other than withholding) have later dates, given in each synthesised text. For the UK, India considers that the PPT replaces only Art 28C, while the UK treats it as also superseding the main-purpose rules in Arts 11(6), 12(11) and 13(9). Where no synthesised text exists (Germany, Italy, Kuwait, Mauritius, Oman, Qatar, Saudi Arabia, Sweden, Switzerland, USA), the table shows no MLI change; Mauritius, Oman and Qatar now have a PPT in the treaty itself. A synthesised text “does not constitute a source of law”, and it does not mean an Indian court or tribunal will apply the PPT (see the next note).
- The Sky High and Kosi caveat. Two Tribunal benches have held, for the India–Ireland treaty, that the MLI PPT cannot be applied without a notification incorporating it into that treaty (Sky High XLIII, ITAT Mumbai, 13 August 2025, para 47; Kosi Aviation, ITAT Delhi, 30 September 2025, para 37). On our reading, the reasoning would extend to any treaty the MLI modifies. As of 29 October 2026 we found no treaty-specific notification. The rulings do not touch a PPT that a notified bilateral protocol or treaty contains: Mauritius Art 27B, Oman Art 27B and Qatar Art 28. See can India apply the MLI anti-abuse test to your treaty?
- GAAR applies regardless. Chapter XI of the 2025 Act applies “even if such provisions are not beneficial” to the taxpayer (s.159(6)).
Table 3: MFN clauses and their status after Nestlé
Six of the 26 treaties have an MFN clause on withholding. We found no such clause in the other 20 texts we read. The UK and Belgium treaties have narrower clauses on the executive and general administrative expenses of a permanent establishment (UK Art 7(6); Belgium Art 7(3)); they do not reach withholding rates.
| Treaty | Clause and reach | What India has notified | Position at 29 Oct 2026 |
|---|---|---|---|
| Belgium | Protocol para 1: royalties and FTS; lower rate or narrower scope in a treaty with an OECD member in force after 1 Jan 1990 | S.O. 54(E), 19 Jan 2001: 10% rate and a narrower royalty definition (Art 12(2), 12(3)(a)), by reference to Sweden | Treaty in force applies as notified. The protocol notified in November 2025 (Notification 160/2025) changed Arts 3, 26 and 27 only |
| France | Protocol para 7: dividends, interest, royalties, FTS, equipment; rate or scope; OECD-member treaty signed after 1 Sep 1989 | S.O. 650(E), 10 Jul 2000: 10% on dividends, interest, royalties and FTS, by reference to Germany and the USA | A 2026 amending protocol is reported to delete the clause; not in force. Para 7 remains in the treaty in force |
| Netherlands | Protocol IV(2): dividends, interest, royalties, FTS, equipment; rate or scope; OECD-member treaty after signature | S.O. 693(E), 30 Aug 1999: 10% rates and a revised Art 12, by reference to Germany, Sweden, Switzerland and the USA | The consolidated text shows no later change to Arts 10–12 under the clause |
| Spain | Protocol para 7: royalties and FTS only; rate or scope; OECD-member treaty in force after 1 Jan 1990 | Notification 33/2024: 10% from AY 2024-25, by reference to Germany | Rate applied. The notification recites the clause for rate only; we found no notification on scope |
| Sweden | Protocol (Arts 10–12): dividends, interest, royalties, FTS; rate or scope; OECD-member treaty | We found none in the consolidated text | Rates already 10%. Any lower rate would need a notification |
| Switzerland | Protocol para 5 (as substituted in 2011): a lower rate in an OECD-member treaty signed after the 2010 protocol applies from that treaty’s entry into force; scope only by negotiation | We found none in the consolidated text | Switzerland announced in December 2024 that it would stop applying the MFN dividend rate from 1 January 2025 |
Notes to Table 3
- Nestlé. The Supreme Court held that a notification under s.90(1) “is necessary and a mandatory condition” to give effect to a treaty or protocol that alters the law. An MFN clause “does not automatically lead to integration” of a better term given to another state; the earlier treaty must be amended “through a separate notification”. The relevant date for OECD membership is when the third state entered into its treaty with India (Assessing Officer (IT) v Nestle SA, 19 October 2023, para 99(a)–(c)). The Court dismissed review petitions on 6 August 2024. Section 159(1) of the 2025 Act keeps the notification power.
- Switzerland. Switzerland announced in December 2024 that it would stop applying the MFN dividend rate from 1 January 2025. Article 10(2) of the treaty as notified in India reads 10%.
- France. An amending protocol signed on 18 February 2026 is reported; it is not in force as of 29 October 2026. The France rows show the treaty in force, including the para 7 clause and the 10% dividend cap (Art 11(2)).
Table 4: investment protection
Last verified: 29 October 2026. Termination dates are those in the Department of Economic Affairs (DEA) table. Protection covers investments made before termination, for the period in the treaty’s survival clause. The full tracker, with negotiation periods and last dates to request settlement, is which of India’s investment treaties still protect investors.
| Partner | Instrument | Protection |
|---|---|---|
| Australia | BIT terminated 23 Mar 2017 | To 23 Mar 2032 (Art 17(3)) |
| Austria | BIT terminated 23 Mar 2017 | To 23 Mar 2027 (Art 13(3)) |
| Belgium | Belgium–Luxembourg BIT terminated 22 Mar 2017 | To 22 Mar 2032 (Art 16(2)) |
| Canada | None: no BIT in the DEA table | None |
| Cyprus | BIT terminated 23 Mar 2017 | To 23 Mar 2027 (Art 16) |
| France | BIT terminated 7 Apr 2017 | To 7 Apr 2032 (Art 13) |
| Germany | BIT terminated 23 Mar 2017 | To 23 Mar 2032 (Art 15) |
| Hong Kong | None found in the DEA table | None |
| Ireland | None found in the DEA table | None |
| Italy | BIT terminated 23 Mar 2017 | To 23 Mar 2032 (Art 14(2)) |
| Japan | CEPA Ch 8 in force | Investor–State arbitration (Art 96); tax excluded (Art 10) |
| Korea | BIT terminated 12 May 2017; CEPA Ch 10 in force | BIT to 12 May 2032 (Art 14(2)); CEPA arbitration (Art 10.21), tax excluded (Art 10.2.8) |
| Kuwait | BIT terminated 28 Jun 2018 | To 28 Jun 2033 (Art 16(2)) |
| Luxembourg | Belgium–Luxembourg BIT terminated 22 Mar 2017 | To 22 Mar 2032 (Art 16(2)) |
| Mauritius | BIT terminated 22 Mar 2017; CECPA 2021 has no investment chapter | To about 22 Mar 2027 (Art 13(3)) |
| Netherlands | BIT terminated 1 Dec 2016 | To 1 Dec 2031 (Art 16(1)) |
| Oman | BIT terminated 23 Mar 2017; CEPA signed 18 Dec 2025, in force 1 Jun 2026 | BIT to 23 Mar 2037 (Art 15(2)). The CEPA is described officially as investment facilitation; we have not reviewed its text and draw no conclusion on investor–State provisions |
| Qatar | BIT terminated 23 Mar 2017 | To 23 Mar 2027 (Art 14(2)) |
| Saudi Arabia | BIT terminated 1 Aug 2019; new BIT negotiated (conclusion reported 29 Sep 2026), not signed | Old BIT to 1 Aug 2039 (Art 16(2)) |
| Singapore | CECA Ch 6 in force | Investor–State arbitration (Art 6.21); 15 years’ survival if terminated (Art 6.24) |
| Spain | BIT terminated 22 Mar 2017 | To 22 Mar 2032 (Art 14(2)) |
| Sweden | BIT terminated 22 Mar 2017 | To 22 Mar 2032 (Art 15(2)) |
| Switzerland | BIT terminated 22 Mar 2017 | To 22 Mar 2032 (Art 15(2)) |
| UAE | BIT signed 13 Feb 2024; in force 31 Aug 2024. CEPA Ch 12 has no dispute settlement (Art 12.6) | In force; taxation measures excluded (Art 2.4(ii)) |
| UK | BIT terminated 23 Mar 2017; CETA signed 24 Jul 2025, in force 15 Jul 2026 | BIT to 23 Mar 2032 (Art 15). The CETA’s 30 chapters include no investment chapter |
| USA | None: no BIT. The DFC Investment Incentive Agreement (in force 15 Jun 2022) is government to government | None for investors. Disputes are between the governments (Art 4(a)); tax disputes are outside it (Art 4(b)(vii)) |
Notes to Table 4
- What a survival date means. Survival ordinarily covers only investments made before termination. Whether a particular investor can start arbitration also depends on the treaty’s consent, negotiation, limitation and arbitration conditions, which must be checked separately.
- Status. “Negotiated”, “signed” and “in force” are different stages, and the table shows them separately. The Saudi Arabia entry relies on a news report (All India Radio, 29 September 2026).
- Dates that have passed. For Mauritius, Cyprus and Qatar, the six-month negotiation step means the last date to request settlement before the 2027 end dates passed in September 2026. Austria’s three-month step puts its date at 23 December 2026. The Mauritius position, including the 2022 Joint Interpretative Statement, is in India–Mauritius BIT: treaty protection ends March 2027.
- Tax measures. The 2024 UAE BIT, the Japan CEPA and the Korea CEPA exclude taxation measures, so they do not give a route to challenge a tax assessment.
- Mauritius holding companies. The tax and treaty choices for an existing structure are in Mauritius holding company after the 2026 Protocol.
Common questions
Are India’s DTAA rates the rates actually withheld? No. They are ceilings. India’s domestic rate applies where it is lower (s.159(4)). The treaty rate also needs a TRC and Form 41 (s.159(8)), and most caps need the recipient to be the beneficial owner.
Which India tax treaties still limit tax on a sale of Indian shares? On the texts: the Netherlands (except land-rich shares and some sales to Indian residents), France, Spain and Belgium for holdings below 10%, Korea below 5% (for a seller not controlled from outside Korea), Sweden where the seller is taxed at home, and Singapore, Mauritius and Cyprus for shares acquired before 1 April 2017.
Does an MFN clause give a lower rate automatically? No. After Nestlé, a lower rate or narrower scope applies only once India notifies the change. The rates shown for France, the Netherlands, Belgium and Spain are the notified ones.
Does the MLI principal purpose test apply to my treaty? It depends on whether the partner listed the treaty, and on the open notification point from Sky High and Kosi. The bilateral PPTs in the Mauritius, Oman and Qatar treaties are not affected by that point, and treaty LOB clauses and GAAR apply either way.
What are the India–Qatar rates from April 2026? Dividends 5% for a company holding at least 25%, otherwise 10%; interest 10%; royalties and FTS 10% (Arts 10–12, 2025 Agreement). India may tax gains on shares of Indian companies (Art 13(5)).
Is the 2026 India–France protocol in force? We found no report that it has entered into force as of 29 October 2026. A protocol signed on 18 February 2026 is reported; it takes effect only after France notifies completion of its procedures.
Sources
- Income Tax Department, consolidated DTAA texts (“Comprehensive Agreements” pages, retrieved 25 October 2026):
- Australia, Arts 10–13: incometaxindia.gov.in
- Austria, Arts 10–13: incometaxindia.gov.in
- Belgium, Arts 10–13 and Protocol para 1; S.O. 54(E), 19 January 2001; Notification 160/2025: incometaxindia.gov.in
- Canada, Arts 10–13: incometaxindia.gov.in
- Cyprus, Arts 10–13 and Protocol para 2: incometaxindia.gov.in
- France, Arts 7, 11–14 and Protocol para 7; S.O. 650(E), 10 July 2000: incometaxindia.gov.in
- Germany, Arts 10–13: incometaxindia.gov.in
- Ireland, Arts 10–13: incometaxindia.gov.in
- Italy, Arts 11–14: incometaxindia.gov.in
- Japan, Arts 10–13: incometaxindia.gov.in
- Korea, Arts 10–13, 28: incometaxindia.gov.in
- Kuwait, Arts 10–13, 27: incometaxindia.gov.in
- Luxembourg, Arts 10–13, 29: incometaxindia.gov.in
- Mauritius, Arts 10–13, 27A, 27B: incometaxindia.gov.in
- Netherlands, Arts 10–13 and Protocol IV(2); S.O. 693(E), 30 August 1999: incometaxindia.gov.in
- Oman, Arts 11–15, 27B: incometaxindia.gov.in
- Saudi Arabia, Arts 10–13, 26 and Protocol para 15: incometaxindia.gov.in
- Singapore, Arts 10–13, 24A, 28A: incometaxindia.gov.in
- Spain, Arts 11–14, 28B and Protocol para 7: incometaxindia.gov.in
- Sweden, Arts 10–13 and Protocol: incometaxindia.gov.in
- Switzerland, Arts 10–13 and Protocol: incometaxindia.gov.in
- UAE, Arts 10–13, 29: incometaxindia.gov.in
- UK, Arts 7, 11–14, 28C: incometaxindia.gov.in
- USA, Arts 10–13, 24: incometaxindia.gov.in
- Notification No. 154/2025, G.S.R. 789(E), 24 October 2025: India–Qatar Agreement and Protocol (Arts 10–13, 24, 28, 30), Ministry of Finance (Department of Revenue), incometaxindia.gov.in
- Notification No. 89/2018, S.O. 6247(E), 21 December 2018: India–Hong Kong Agreement (Arts 10–14, 28, 29), Ministry of Finance (Department of Revenue), incometaxindia.gov.in
- Notification No. 69/2025, S.O. 2858(E), 25 June 2025: India–Oman Protocol, Ministry of Finance (Department of Revenue), incometaxindia.gov.in
- Notification No. 135/2026, S.O. 5611(E), 13 October 2026: India–Mauritius Protocol, Ministry of Finance (Department of Revenue), incometaxindia.gov.in
- Notification No. 33/2024, S.O. 1484(E), 19 March 2024: India–Spain Convention, Art 13(2), Ministry of Finance (Department of Revenue), shown on incometaxindia.gov.in
- Income-tax Act 2025, section 159, Income Tax Department, incometaxindia.gov.in
- Income-tax Rules 2026, rule 75 (G.S.R. 198(E), 20 March 2026), CBDT, incometaxindia.gov.in
- Notification No. 55/2026, G.S.R. 241(E), 31 March 2026: rule 128, Income-tax Rules 2026, incometaxindia.gov.in
- CBDT Circular No. 01/2025, Guidance for application of the PPT, 21 January 2025, para 4.B, incometaxindia.gov.in
- Assessing Officer (IT) v Nestle SA, Civil Appeal No. 1420 of 2023, Supreme Court, 19 October 2023, para 99, sci.gov.in
- Nestle SA v Assessing Officer (IT), Review Petition (C) No. 77 of 2024, Supreme Court, order of 6 August 2024, api.sci.gov.in
- Sky High Appeal XLIII Leasing Co Ltd and TFDAC Ireland II Ltd v ACIT/DCIT, ITA 1122/Mum/2025, 1198/Mum/2025 and others, ITAT Mumbai ‘I’ Bench, 13 August 2025, itat.gov.in
- Kosi Aviation Leasing Ltd and others v ACIT, ITA 994/Del/2025 and others, ITAT Delhi ‘D’ Bench, 30 September 2025, itat.gov.in
- OECD (depositary), “India: Status of List of Reservations and Notifications upon Deposit of the Instrument of Ratification”, Art 2 notification, oecd.org
- MLI synthesised texts: Income Tax Department, UAE incometaxindia.gov.in ; Singapore incometaxindia.gov.in ; Netherlands incometaxindia.gov.in ; Cyprus incometaxindia.gov.in ; HM Revenue & Customs, UK–India synthesised text, gov.uk ; Austrian Federal Ministry of Finance, India synthesised text, bmf.gv.at
- Inland Revenue Department, Hong Kong, “Comprehensive Double Taxation Agreements” table, India row, ird.gov.hk
- Federal Department of Finance / State Secretariat for International Finance (Switzerland), “Switzerland suspends its unilateral application of the most-favoured-nation clause in the protocol to the double taxation agreement between Switzerland and India for dividends”, 11 December 2024, estv.admin.ch
- Sénat (France), Projet de loi n° 951 (2025-2026) approving the India–France avenant signed at New Delhi on 18 February 2026, senat.fr (reported status; not an Indian source)
- Department of Economic Affairs, table of bilateral investment treaties (signature, entry-into-force and termination dates), viewed 29 October 2026, and the BIT texts cited in Table 4, dea.gov.in
- India–UAE BIT, signed 13 February 2024, Art 2.4; India–UAE CEPA Ch 12, Art 12.6; India–US DFC Investment Incentive Agreement, signed 23 May 2022, Art 4. DEA and Department of Commerce, dea.gov.in ; commerce.gov.in
- India–Singapore CECA Ch 6 (Arts 6.21, 6.24); India–Japan CEPA (Arts 10, 96); India–Korea CEPA (Arts 10.2.8, 10.21); India–Mauritius CECPA (2021). Department of Commerce, commerce.gov.in (index page)
- UK–India Comprehensive Economic and Trade Agreement, title page, table of contents and preamble, Department for Business and Trade, gov.uk
- PIB, Ministry of Commerce and Industry, India–Oman CEPA enters into force, 1 June 2026, pib.gov.in , and signing, 18 December 2025, pib.gov.in
- “India, Saudi Arabia review cooperation in defence, trade, energy and technology”, 29 September 2026. All India Radio (news report). newsonair.gov.in
- Exchange of Letters regarding the Negotiation of a Double Contributions Convention and the UK–India CETA, London and New Delhi, 24 July 2025, UK Treaty Series No. 52 (2025) (CETA signing).
Related reading
- India tax and investment treaties – the hub for our treaty analysis and trackers.
- Which of India’s investment treaties still protect investors – survival periods and last request dates, treaty by treaty.
- Can India apply the MLI anti-abuse test to your treaty? – the Sky High and Kosi rulings and the bilateral PPTs.
- Mauritius holding company after the 2026 Protocol – keep, fix, move or collapse.
- India–Mauritius BIT: treaty protection ends March 2027 – the sunset clause and the 2022 statement.
- Where India still can’t tax your exit, and the MFN scorecard – which treaties still block capital gains tax on Indian shares.
- India withholding tax rates and repatriation – domestic rates and the routes for taking profits out.
This article is general information and not legal advice. The legal framework and its application change over time; please take advice on your specific circumstances.