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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, as extracted in the official text, which statement about its extent and commencement is correct?

The Act extends to the whole of India and, save as otherwise provided, came into force on 1 July 2015. That date replaced the originally stated 1 April 2016 through the Removal of Difficulties Order, 2015, so the earlier date is no longer the commencement date.

  1. AIt extends to the whole of India and, save as otherwise provided, came into force on 1 July 2015Correct
  2. BIt extends only to residents of India and came into force on 1 April 2016
  3. CIt extends to the whole of India and came into force on 1 April 2016, with no later substitution
  4. DIt extends to India and notified foreign territories and came into force on 1 July 2015

Explanation

Section 1(2) says the Act extends to the whole of India. Section 1(3) says that, save as otherwise provided, it comes into force on 1 July 2015. That date was substituted for 1 April 2016 by the Removal of Difficulties Order, 2015, so 1 April 2016 is the superseded date.

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