TMI BlogDTAA - AGREEMENT BETWEEN INDIA & COMMONWEALTH OF THE BAHAMAS FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXESX X X X Extracts X X X X X X X X Extracts X X X X ..... ble period, for all charges to tax arising on or after the date of signing of the Agreement; 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 the Republic of India and the Government of the Commonwealth of the Bahamas 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 with respect to all matters described in article 1, for all taxable periods beginning on or after the date of signing of the Agreement (i.e. the 11th day of February, 2011) or, where there is no taxable period, for all charges to tax arising on or after the date of signing of the Agreement. AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES The Government of the Republic of India and the Government of the Commonwealth of The Bahamas, desiring to facilitate the exchange of information with respect to taxes, have agreed as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rspace 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 U.N. Convention on the Law of the Sea; ( b ) the term "The Bahamas" means the Commonwealth of The Bahamas encompassing the land, the territorial waters, and in accordance with international law and the laws of The Bahamas any area outside the territorial waters inclusive of the exclusive economic zone and the seabed and subsoil over which The Bahamas exercises jurisdiction and sovereign rights for the purpose of exploration, exploitation and conservation of natural resources; ( c ) the term "Contracting Party" means India or The Bahamas as the context requires; ( d ) the term "competent authority" means ( i ) in the case of India, the Finance Minister, Government of India, or its authorized representative; ( ii ) in the case of The Bahamas, the Minister of Finance or the Minister's authorized representative; ( e ) the term "person" includes an individual, a company, a body of persons and any other entity which is treated as a taxable unit under the taxati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application of this Agreement at any time by a Contracting Party, any term not defined herein 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 being investigated would constitute a crime under the laws of the requested Party if such conduct occurred in the requested Party. 2. If the information in the possession of the competent authority of the requested Party is not sufficient to enable it to comply with the request for information, that Party shall use all relevant information gathering measures to provide the requesting Party wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... requesting Party would prefer to receive it; ( e ) the tax purpose for which the information is sought; ( f ) 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; ( g ) to the extent known, the name and address of any person believed to be in possession or control of the requested information; ( h ) the legal provision under which the examination, assessment or investigation is carried out, and 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; and ( i ) a statement that the requesting Party has pursued all means available in its own territory to obtain the information, except those that would give rise to disproportionate difficulties. 7. The competent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a ) where the request is not made in conformity with this Agreement; ( 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; ( b ) to carry out administrative measures at variance with its laws and administrative practices, provided nothing in this subparagraph shall affect the obligations of a Contracting Party under paragraph 4 of Article 5; or ( c ) to obtain or provide information which would reveal confidential communications between a client (or his admitted legal representative) and a professional legal advisor wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hority or any other jurisdiction (including a foreign Government) without the express written consent of the competent authority of the requested Party. Article 9 Costs 1. Costs that would be incurred in the ordinary course of administering the domestic tax laws of the requested Party will be borne by the requested Party when such costs are incurred for the purpose of responding to a request for information. Such ordinary costs would normally cover internal administration costs and any minor external costs. 2. All other costs that are not ordinary costs are considered extraordinary costs and will be borne by the requesting party. Examples of extraordinary costs include, but are not limited to, the following: ( a ) reasonable fees charged by third parties for carrying out research; ( b ) reasonable fees charged by third parties for copying documents; ( c ) reasonable costs of engaging experts; ( d ) reasonable costs of conveying documents to the requesting Party; ( e ) reasonable litigation costs of the requested party in relation to a specific request for information; and ( f ) reasonable costs for obtaining depositions or testimony. 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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