Article 3 - General Definitions - Bhutan

ARTICLE 3 GENERAL DEFINITIONS 1. For the purposes of this Agreement, unless the context otherwise requires: a) the term India means the territory of India and includes the territorial sea and airspace above it, as well as any other maritime zone in which India has sovereign rights, other rights and jurisdiction, according to the Indian law and in accordance with international law, including the U.N. Convention on the Law of the Sea; b) the term Bhutan means the territory of Bhutan and includes the airspace above it and any other area over which Bhutan has sovereign rights and jurisdiction, according to the Bhutanese law and in accordance with international laws; c) the terms Contracting State and the other Contracting State mean the Republic of India or the Kingdom of Bhutan as the context requires; d) the term person includes an individual, a company, a body of persons and any other entity which is treated as a taxable unit under the taxation laws in force in the respective Contracting States; e) the term company means any body corporate or any entity that is treated as a company or body corporate for tax purposes; f) the term enterprise applies to the carrying on of any business; g) the terms enterprise of a Contracting State and enterprise of the other Contracting State mean respectively an enterprise carried on by a resident of a Contracting State and an enterprise carried on by a resident of the other Contracting State; h) the term international traffic means any transport by a ship or aircraft operated by an enterprise that has its place of effective management in a Contracting State, except when the ship or aircraft is operated solely between places in the other Contracting State; i) the term competent authority means: (i) in India: the Finance Minister, Government of India, or his authorized representative; (ii) in Bhutan : the Finance Minister, Royal Government of Bhutan, or his authorized representative; j) the term national means: (i) any individual possessing the nationality of a Contracting State; (ii) any legal person, partnership or association deriving its status as such from the laws in force in a Contracting State; k) the term tax means Indian or Bhutanese tax, as the context requires, but shall not include any amount which is payable in respect of any default or omission in relation to the taxes to which this Agreement applies or which represents a penalty or fine imposed relating to those taxes; I) the term fiscal year in relation to India means the financial year beginning on the 1st day of April and ending on the 31st day of March, and the term income year in relation to Bhutan means the calendar year starting on the 1st day of January and ending on the 31st day of December; 2. As regards the application of the Agreement at any time by a Contracting State any term not defined therein shall, unless the context otherwise requires, have the meaning that it has at that time under the law of that State for the purposes of the taxes to which the Agreement applies and any meaning under the applicable tax laws of that State prevailing over a meaning given to the term under other laws of that State.