BLACK MONEY
(UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT (REMOVAL OF
DIFFICULTIES) ORDER, 2015
PREAMBLE
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:-
Order - 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.
Order - 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.