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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.

Income Tax - 56/2015 - Dated:- 1-7-2015 - [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 56/2015 ORDER New Delhi, the 1st July, 2015 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, .....

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he 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 i .....

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ed 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 con .....

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