Black Money(Undisclosed Foreign Income and Assets) and Imposition of Tax Act (Removal of Difficulties) Order, 2015 effective form 01.07.2015

Black Money(Undisclosed For­eign Income and Assets) and Impo­si­tion of Tax Act (Removal of Dif­fi­cul­ties) Order, 2015 — Now it shall come into force from the 1st day of July, 2015. — 56/2015 — Dat­ed 1–7‑2015 — Income Tax

S.O.1790(E)- Where­as the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Act, 2015 (22 of 2015) (here­inafter referred to as the Act) received the assent of the Pres­i­dent on 26th May, 2015;

And where­as sub-sec­tion (3) of sec­tion 1 of the Act pro­vides that save as oth­er­wise pro­vid­ed in the Act, the Act shall come into force on the 1st day of April, 2016;

And where­as sub-sec­tion (1) of sec­tion 3 of the Act pro­vides for charg­ing of tax on undis­closed for­eign income and asset for every assess­ment year begin­ning on or after the 1st day of April, 2016;

And where­as under sub-sec­tion (1) of sec­tion 3 of the Act, undis­closed for­eign income and asset of the pre­vi­ous year rel­e­vant to the assess­ment year com­menc­ing on or after the 1st day of April, 2016 is charge­able under the Act;

And where­as the ‘pre­vi­ous year’ as defined in clause (9) of sec­tion 2 of the Act means a peri­od of twelve months imme­di­ate­ly pre­ced­ing the assess­ment year;

And where­as sec­tion 59 of the Act relat­ing to dec­la­ra­tion of undis­closed for­eign asset pro­vides for mak­ing dec­la­ra­tion by any per­son, on or after the date of com­mence­ment of the Act but on or before a date to be noti­fied by the Cen­tral Gov­ern­ment in the Offi­cial Gazette, in respect of any undis­closed asset locat­ed out­side India and acquired from income charge­able to tax under the Income-tax Act, 1961 (43 of 1961) for any assess­ment year pri­or to the assess­ment year com­menc­ing on the 1st day of April, 2016;

And where­as sec­tion 60 of the Act pro­vides for charg­ing of tax on undis­closed for­eign asset declared under sec­tion 59 on the val­ue of such asset on the date of com­mence­ment of the Act;

And where­as the Act passed by the Par­lia­ment received the assent of the Pres­i­dent on the 26th day of May, 2015 and there­fore the pro­vi­sions of this Act can­not be giv­en effect pri­or to the 26th day of May, 2015 irre­spec­tive of the fact that the assess­ment year begin­ning on the 1st day of April, 2016 relates to the pre­vi­ous year com­menc­ing on the 1st day of April, 2015;

And where­as a dif­fi­cul­ty has arisen in inter­pret­ing the expression‘date of com­mence­ment of the Act’and giv­ing effect to the pro­vi­sions of sec­tion 59 and sec­tion 60 which may be con­strued as 1st day of April, 2016, where­as the charge­abil­i­ty of tax under the Act is for assess­ment year com­menc­ing on or after the 1st day of April, 2016 rel­e­vant to the pre­vi­ous year com­menc­ing on or after the 1st day of April, 2015;

Now, there­fore, in exer­cise of the pow­ers con­ferred by sub-sec­tion (1) of sec­tion 86 of the Act, the Cen­tral Gov­ern­ment here­by makes the fol­low­ing Order to remove the afore­said dif­fi­cul­ties, namely:-

1. Short title and com­mence­ment.- (1) This Order may be called the Black Money(Undisclosed For­eign Income and Assets) and Impo­si­tion of Tax Act (Removal of Dif­fi­cul­ties) Order, 2015.

(2) It shall come into force on the date of its pub­li­ca­tion in the Offi­cial Gazette.

2. In sub-sec­tion (3) of sec­tion 1 of the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Act, 2015(22 of 2015), for the words, fig­ures and let­ters “the 1st day of April, 2016”, the words, fig­ures and let­ters “the 1st day of July, 2015” shall be substituted.

 [F.No. 133/33/2015-TPL]

(Amit Katoch)

Under Sec­re­tary to the Gov­ern­ment of India