Article 2 - Taxes covered - Korea (Old - Effective upto 31-3-2017)

Article 2 : Taxes covered 1. The Convention shall apply to taxes on income imposed on behalf of each ContractingState irrespective of the manner in which they are levied. 2. They shall be regarded as taxes on income all taxes imposed on total income, or on elements of income, including taxes on gains from the alienation of movable or immovable property and taxes on the total amounts of wages or salaries paid by enterprises. 3. The existing taxes to which the Convention shall apply are: (a) in the case of Korea: (i) the income tax; (ii) the corporation tax; and (iii) the inhabitant taxÿ: (hereinafter referred to as "Korean tax"); (b) in the case of India: (i) the income-tax including any surcharge thereon imposed under the Income Tax Act, 1961 (43 of 1961); (ii) the surtax imposed under the Companies (Profits) Surtax Act, 1964 (7 of 1964); (hereinafter referred to as "Indian tax"). 4. The Convention shall apply also to any identical or substantially similar taxes which are imposed after the date of signature of this Convention in addition to, or in place of, the existing taxes. The competent authorities of the Contracting States shall notify each other of any substantial changes which have been made in their respective taxation laws.