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<h1>India-Iceland Tax Agreement Covers Income Taxes, Surcharges, and Property Gains; Updates Require Mutual Notification of Law Changes.</h1> This agreement applies to income taxes imposed by a Contracting State or its subdivisions, regardless of how they are levied. It covers taxes on total income, income elements, and gains from property alienation, including wages or salaries paid by enterprises. Specifically, it applies to India's income tax and any surcharges, and Iceland's state and municipal income taxes. The agreement extends to any similar taxes introduced after its signing, with the requirement for Contracting States to inform each other of significant changes in their tax laws.