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TMI BlogDTAA - AGREEMENT BETWEEN INDIA AND ISLE OF MAN FOR EXCHANGE OF INFORMATION WITH RESPECT TO TAXESX X X X Extracts X X X X X X X X Extracts X X X X ..... in respect of taxable periods beginning on or after the date of signature of this Agreement or, where there is no taxable period, all charges to tax arising on or after the date of signature; Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby directs that all the provisions of the Agreement between the Government of Republic of India and Government of the Isle of Man for the Exchange of Information with respect to taxes, as set out in the Annexure hereto, shall be given effect to in the Union of India for criminal tax matters immediately and for all other matters covered in article 1, on 17th day of March, 2011, but only in respect of taxable periods beginning on or after the 4th day of February, 2011 or where there is no taxable period, for all charges to tax arising on or after the 4th day of February, 2011. AGREEMENT' BETWEEN THE GOVERNMENT OE THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE ISLE OF MAN FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES Whereas the Government of the Republic of India and the Government of the Isle of Man ("the Contracti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mutual agreement of the Contracting Parties in the form of an exchange of letters. The competent authorities of the Contracting Parties shall notify each other of any substantial changes to the taxation and related information gathering measures which may affect the obligations of that Party pursuant to this Agreement. Article 4 Definitions 1. For the purposes of this Agreement, unless otherwise defined: ( 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 United Nations Convention on the Law of the Sea; ( b ) the term "Isle of Man" means the island of the Isle of Man, including its territorial sea, in accordance with international law; ( c ) the term "collective investment fund or scheme" means any pooled investment vehicle, irrespective of legal form; ( d ) the term "company" means any body corporate or any entity that is treated as a body corporate for tax purposes; ( e ) the term "competent authority" mea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( o ) the term "Requested Party" means the Contracting Party which is requested to provide information or which has provided information; ( p ) the term "Requesting Party" means the Contracting Party submitting a request for information to, or having received information from, the Requested Party; ( q ) the term "tax" means any tax to which this Agreement applies. 2. As regards the application of this Agreement at any time by a Contracting Party, any term not defined therein shall, unless the context otherwise requires or the competent authorities agree to a common meaning pursuant to the provisions of Article 12 of this Agreement, have the meaning that it has at that time under the law of that Party, any meaning under the applicable tax laws of that Party prevailing over a meaning given to the term under other laws of that Party. Article 5 Exchange of Information Upon Request 1. The competent authority of the Requested Party shall provide upon request information for the purposes referred to in Article 1. Such information shall be exchanged without regard to whether the Requested Party needs such information for its own tax purposes or whether the conduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reseeable relevance of the information to the request: ( a ) the identity of the person under examination or investigation; ( b ) the period for which information is requested; ( c ) the nature of the information requested and the form in which the Requesting Party would prefer to receive it; ( d ) the tax purpose for which the information is sought; ( e ) grounds for believing that the information requested is present in the Requested Party or is in the possession or control of a person within the jurisdiction of the Requested Party; ( f ) to the extent known, the name and address of any person believed to be in possession or control of the requested information; ( g ) a statement that the request is in conformity with the laws and administrative practices of the Requesting Party, that if the requested information was within the jurisdiction of the Requesting Party then the competent authority of the Requesting Party would be able to obtain the information under the laws of the Requesting Party or in the normal course of administrative practice and that it is in conformity with this Agreement; ( h ) a statement that the Requesting Party has pursu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mination. Article 7 Possibility of Declining a Request for Information 1. The competent authority of the Requested Party may decline to assist: ( a ) where the request is not made in conformity with this Agreement; or ( b ) where the Requesting Party has not pursued all means available in its own territory to obtain the information, except where recourse to such means would give rise to disproportionate difficulty; or ( c ) where disclosure of the information would be contrary to public policy (ordre public) of the Requested Party. 2. This Agreement shall not impose on a Contracting Party the obligation: ( a ) to supply information which would disclose any trade, business, industrial, commercial or professional secret or trade process, provided that information described in paragraph 4 of Article 5 shall not be treated as such a secret or trade process merely because it meets the criteria in that paragraph; or ( b ) to obtain or provide information, which would reveal confidential communications between a client and an attorney, solicitor or other admitted legal representative where such communications are: ( i ) produced for the purpos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Requesting Party will continue to pursue the request and bear the cost. 3. The competent authorities shall consult from time to time with regard to this Article. 4. Ordinary costs include internal administration costs, any minor external costs and overhead expenses incurred by the Requested Party in reviewing and responding to information requests submitted by the Requesting Party. Examples of extraordinary costs incurred in providing assistance include, but are not limited to the following: ( a ) reasonable fees charged by third parties for copying documents on behalf of the Requested Party; ( b ) reasonable costs of engaging interpreters, translators or other agreed experts; ( c ) reasonable costs of conveying documents to the Requesting Party; ( d ) reasonable litigation costs of the Requested Party in relation to a specific request for information; and ( e ) reasonable costs for obtaining depositions or testimony. Article 10 Implementation Legislation The Contracting Parties shall enact any legislation necessary to comply with, and give effect to, the terms of the Agreement. Article 11 Language Requests for assistance and a ..... 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