Article 1 - Object and Scope of the Agreement - Bermuda

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 24 th January, 2011 (INCOME-TAX) S.O. 154(E). Whereas, an Agreement between the Government of the Republic of India and Bermuda as authorised by the Government of the United Kingdom of Great Britain and Northern Ireland for the Exchange of Information with respect to taxes was signed at New Delhi on the 7 th day of October, 2010; And whereas, the date of entry into force of the said Agreement is the 3rd day of November, 2010, 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 12 of the said Agreement; And whereas, sub-paragraph (a) of paragraph 2 of Article 12 of the said Agreement provides that the provisions of the said Agreement shall have effect with respect to criminal tax matters on that date and sub-paragraph (b) of paragraph 2 of Article 12 of the said Agreement provides that the provisions of the said Agreement shall have effect with respect to all other matters covered in Article 1, for taxable periods beginning on or after that date, or where there is no taxable period, for all charges to tax arising on or after that date; 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 said Agreement, as set out in the Annexure hereto, shall be given effect to in the Union of India with respect to criminal tax matters immediately and with respect to all other matters covered in Article 1, for taxable periods beginning on or after the 3rd day of November, 2010, or where there is no taxable period, for all charges to tax arising on or after the 3rd day of November, 2010. [Notification No. 05/2011/F. No. 503/2/2009-FTD-I] SANJAY KUMAR MISHRA, Jt. Secy. ANNEXURE AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND BERMUDA AS AUTHORISED BY THE GOVERNMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES The Government of the Republic of India and the Government of Bermuda, desiring to enhance co-operation and 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 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 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. 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.