Article 1 - Object and Scope of the Agreement - Bahamas

NOTIFICATION NO. 25/2011 [F.NO. 503/6/2009 - FTD-I], DATED 13-5-2011 S.O 1049(E):- Whereas, an Agreement between the Government of the Republic of India and the Government of the Commonwealth of The Bahamas for the Exchange of Information with respect to taxes was signed at Nassau, Bahamas on the 11th day of February, 2011 (hereinafter referred to as the said Agreement); And whereas, the date of entry into force of the said Agreement is the 1st day of March, 2011, being the date of later of the notifications of completion of the procedures as required by the respective laws for entry into force of the said Agreement, in accordance with paragraph 2 of article 13 of the said Agreement; And whereas, paragraph 2 of article 13 of the said Agreement provides that the provisions of the said Agreement shall have effect with respect to all matters described in article 1, for all taxable periods beginning on or after the date of signing of the Agreement or, where there is no taxable period, for all charges to tax arising on or after the date of signing of the Agreement; Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby directs that all the provisions of the Agreement between the Government of the Republic of India and the Government of the Commonwealth of the Bahamas for the exchange of information with respect to taxes, as set out in the Annexure hereto, shall be given effect to in the Union of India with respect to all matters described in article 1, for all taxable periods beginning on or after the date of signing of the Agreement (i.e. the 11th day of February, 2011) or, where there is no taxable period, for all charges to tax arising on or after the date of signing of the Agreement. AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES The Government of the Republic of India and the Government of the Commonwealth of The Bahamas, desiring to facilitate the exchange of information with respect to taxes, have agreed as follows: ARTICLE 1 OBJECT AND SCOPE OF THE AGREEMENT The competent authorities of the Contracting Parties shall provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the Contracting Parties concerning taxes covered by this Agreement. Such information shall include information that is foreseeably relevant to the determination, assessment and collection of such taxes, the recovery and enforcement of tax claims, or the investigation or prosecution of tax matters. Information shall be exchanged in accordance with the provisions of this Agreement, and shall be treated as confidential in the manner provided in Article 8. The rights and safeguards secured to persons by the laws or administrative practice of the requested Party remain applicable to the extent that they do not unduly prevent or delay effective exchange of information.