Exchange of Information on Taxes With Bahamas
INDIA has signed an agreement with the Government of Bahamas on 11 th February 2011, for the Exchange of Information with respect to taxes. As per this agreement, taxes include taxes of every kind and description imposed by the Central Government or the Governments of political subdivisions or local authorities, irrespective of the manner in which they are levied;
As per the agreement, the competent authorities of the Contracting Parties shall provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the Contracting Parties concerning taxes covered by this Agreement. Such information shall include information that is foreseeably relevant to the determination, assessment and collection of such taxes, the recovery and enforcement of tax claims, or the investigation or prosecution of tax matters. Information shall be exchanged in accordance with the provisions of this Agreement, and shall be treated as confidential. The rights and safeguards secured to persons by the laws or administrative practice of the requested Party remain applicable to the extent that they do not unduly prevent or delay effective exchange of information.
The Central Government has directed 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, 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)
Income Tax Notification No. 25/2011, Dated: May 13, 2011