India, Australia amend tax treaty

India, Australia on Friday amended the Double Taxation Avoidance Agreement (DTAA) in New Delhi to assist each other in the collection of revenue claims. Minister of State for Finance S. S. Palanimanickam and Australian Minister for Financial Services and Superannuation, Bill Shorten, inked the treaty. The Protocol provides that assets or money kept in one country can be recovered by other country for the purposes of recovery of taxes by following certain conditions and procedure.