General definitions

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..... ther rights and jurisdictions, according to the Indian Law and in accordance with international law/the U.N. Convention on the Law of the Sea. (b) the term Cyprus means the Republic of Cyprus including the national territory, the territorial sea, the continental shelf, and any other area which in accordance with international law and the law of the Republic of Cyprus has been or may hereafter be d .....

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..... nterprise carried on by a resident of a Contracting State and an enterprise carried on by a resident of the other Contracting State; (g) the term fiscal year means : (i) in the case of India, previous year as defined under section 3 of the Income-tax Act, 1961; (ii) in the case of Cyprus, year of assessment as defined under section 2 of the Income-tax Law 1961 as amended; (h) the term internationa .....

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..... tion laws in force in the respective Contracting States; (k) the term tax means Indian tax or Cyprus 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 imposed relating to those taxes. As regards the application of this Agreement by a Contracting .....

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