Article 2 - Taxes covered - Nepal (Old - Effective upto 31-3-2013)

ARTICLE 2 - Taxes covered - 1. The taxes to which this Agreement shall apply are : (a) 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) ; (b) in the case of Nepal : (i) income-tax imposed under the Income-tax Act, 2031 (hereinafter referred to as Nepal tax). 2. The Agreement shall also apply to any identical or substantial similar taxes which are imposed by either Contracting State after the date of signature of the present Agreement in addition to, or in place of, the taxes referred to in paragraph 1. The competent authorities of the Contracting States shall notify each other of any substantial changes which are made in their respective taxation laws.