CMA Final · Direct Tax Laws and International Taxation · Black Money Act, 2015
Under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, from which date does the Act come into force, save as otherwise provided?
The Act comes into force on 1 July 2015. Section 1(3) states this date, which was substituted for the earlier 1 April 2016 by the Removal of Difficulties Order, 2015, with effect from 1-7-2015, so the later date is not the commencement date.
- A1 April 2015
- B1 July 2015Correct
- C1 April 2016
- D1 October 2015
Explanation
Section 1(3) provides that the Act comes into force on 1 July 2015. The original date of 1 April 2016 was substituted by the Removal of Difficulties Order, 2015 with effect from 1-7-2015, so 1 April 2016 is wrong.
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