Amendment in the Convention between the Government of the Republic of India and the Government of the Republic of Korea - 8785/90-G.S.R. 986(E) - Income Tax Act, 1961
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Double taxation convention transitional period extended, modifying the Protocol to lengthen initial applicability of Article 24 provisions. The Protocol to the India-Korea Convention limiting the temporary application of paragraphs 2 and 4 of Article 24 to the first five years is modified: competent authorities agreed to extend that transitional period so those paragraphs will apply for the first ten years, and the Central Government, under statutory powers, substitutes 'the first ten years' for 'the first five years' in paragraph 4 of the Protocol.
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Double taxation convention transitional period extended, modifying the Protocol to lengthen initial applicability of Article 24 provisions.
The Protocol to the India-Korea Convention limiting the temporary application of paragraphs 2 and 4 of Article 24 to the first five years is modified: competent authorities agreed to extend that transitional period so those paragraphs will apply for the first ten years, and the Central Government, under statutory powers, substitutes "the first ten years" for "the first five years" in paragraph 4 of the Protocol.
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