Agreement with foreign countries or specified territories :
Section – 73. (1) The Central Government may enter into an agreement with the Government of any other country—
| (a) | for exchange of information for the prevention of evasion or avoidance of tax on undisclosed foreign income chargeable under this Act or under the corresponding law in force in that country, or investigation of cases of such evasion or avoidance; | |
| (b) | for recovery of tax under this Act and under the corresponding law in force in that country. |
(2) The Central Government may enter into an agreement with the Government of any specified territory outside India for the purposes specified in sub-section (1).
(3) The Central Government may, by notification, make such provisions as may be necessary for implementing the agreements referred to in sub-sections (1) and (2).
(4) Any specified association in India may enter into an agreement with any specified association in the specified territory outside India for the purposes of sub-section (1) and the Central Government may by notification make such provisions as may be necessary for adopting and implementing such agreement.
(5) Any term used but not defined in this Act or in the agreement referred to in sub-sections (1), (2) or sub-section (4) shall, unless the context otherwise requires, and is not inconsistent with the provisions of this Act or the agreement, have the meaning assigned to it in the notification issued by the Central Government and such meaning shall be deemed to have effect from the date on which the said agreement came into force.