Double tax avoidance agreement governs taxation of residents and applies to income for fiscal years after entry into force.

The Central Government has notified that the India-Korea Agreement for avoidance of double taxation and prevention of fiscal evasion shall be given effect in India; the Agreement entered into force on the later notified date and, by its transitional clause, applies in India in respect of income derived in any fiscal year beginning on or after the first day of April following the calendar year of entry into force. The Agreement applies to persons who are residents of one or both Contracting States.

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