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of <h1>General Definitions in India-Iceland Double Tax Avoidance Agreement: Article 3 Explains Key Terms and Jurisdiction</h1> Article 3 of the Double Tax Avoidance Agreement between India and Iceland provides general definitions for terms used within the agreement. 'India' and 'Iceland' refer to their respective territories, including territorial seas and airspace, with jurisdiction over maritime zones as per international law. 'Contracting State' refers to either India or Iceland. The term 'person' includes individuals and entities taxable under respective laws, while 'company' refers to corporate entities. 'Enterprise' pertains to business activities, and 'international traffic' involves transport by enterprises of a Contracting State. 'Competent authority' and 'national' are defined for both countries, and 'tax' refers to applicable taxes excluding penalties. The 'fiscal year' begins on April 1 for India and January 1 for Iceland. Terms not defined are interpreted as per the prevailing tax laws of the respective Contracting State.
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