Article 1 - Personal scope - Montenegro

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi , the 7th January, 2009 (INCOME-TAX) S.O.96 (E). - Whereas the annexed Convention between the Government of Republic of India and the Council of Ministers of Serbia and Montenegro for the Avoidance of Double Taxation with respect to Taxes on Income and on Capital was signed at New Delhi on the 8 th day of February, 2006; And whereas the State Union of Serbia and Montenegro was disintegrated into two independent States after Montenegro s formal declaration of independence on 3rd June, 2006 and Serbia formal declaration of independence on 5th June, 2006; And whereas the Government of Republic of Montenegro has adopted the said Convention in accordance with the Decision on Proclamation of Independence of the Republic of Montenegro from 3rd June, 2006 and accordingly reference in the said Convention to Serbia and Montenegro shall be read as reference to Montenegro; And whereas the date of entry into force of the said Convention is the 23 rd day of September, 2008, being the date of later of the notifications of completion of the procedures as required by the respective laws for entry into force of this Convention, in accordance with paragraph 2 of Article 30 of the said convention; And whereas sub-paragraph (2) of paragraph 2 of Article 30 of the Convention provides that the provisions of the Convention shall have effect in India in respect of the taxes on income derived and taxes on capital owned in each fiscal year beginning on or after the first day of April in the Calendar year next following the year in which the Convention enters into force; Now, therefore in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961) and section 44A of the Wealth-Tax Act, 1957 (27 of 1957), the Central Government hereby directs that all the provisions of the said Convention shall be given effect to in the Union of India ANNEXURE CONVENTION BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE COUNCIL OF MINISTERS OF SERBIA AND MONTENEGRO FOR THE AVOIDANCE OF DOUBLE TAXATION WITH RESPECT TO TAXES ON INCOME AND ON CAPITAL THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE COUNCIL OF MINISTERS OF SERBIA AND MONTENEGRO desiring to conclude a Convention for the avoidance of double taxation with respect to taxes on income and on capital and with a view to promoting economic cooperation between the two countries, have agreed as follows: ARTICLE 1 PERSONAL SCOPE This Convention shall apply to persons who are residents of one or both of the Contracting States.