Article 3 - General definitions - Italy

CHAPTER II DEFINITIONS ARTICLE 3 GENERAL DEFINITIONS 1. For the purposes of this Convention, 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 jurisdictions, according to the Indian law and in accordance with International Law; (b) the term Italy means the Republic of Italy including the territorial waters of Italy and airspace above them, as well as any area beyond the said territorial waters, specifically it includes the sea-bed and the sub-soil contiguous to the territory of the peninsula and the Italian islands situated beyond the territorial waters within bounds indicated by the Italian law on the exploration and the exploitation of their natural resources; (c) the terms a Contracting State and the other Contracting State mean India or Italy, as the context requires; (d) the term tax means Indian tax or Italian 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 Convention applies or which represents a penalty imposed relating to those taxes; (e) the term person shall have the meaning assigned to it in the taxation laws in force in the respective Contracting States; (f) the term company means any body corporate or any entity which is treated as a company or a body corporate under the taxation laws of the respective Contracting States; (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 fiscal year in relation to Indian tax means previous year as defined in the Income-Tax Act, 1961 (43 of 1961); (i) the term international traffic means any transport by a ship or aircraft operated by an enterprise which 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; (j) the term national means any individual possessing the nationality of a Contracting State and any legal person, partnership or association deriving its status from the law in force in the Contracting State; (k) the term competent authority means in the case of India, the Central Government in the Ministry of Finance (Deptt. of Revenue) or their authorised representative, and in the case of Italy, the Ministry of Finance; 2. In the application of the provisions of this Convention by one of the Contracting States, any term not defined herein shall, unless the context otherwise requires, have the meaning which it has under the laws in force in that State relating to the taxes which are the subject of this Convention.