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, as per the text of its commencement provision?
The Act came into force on 1st July 2015. The commencement provision originally said 1st April 2016, but that date was substituted by the Removal of Difficulties Order, 2015, with effect from 1 July 2015.
- A1st April 2016
- B1st July 2015Correct
- C1st April 2015
- D1st October 2015
Explanation
Section 1(3) says the Act comes into force on the 1st day of July, 2015. This date was substituted for 1st April 2016 by a Removal of Difficulties Order with effect from 1-7-2015, so 1st April 2016 is the superseded date.
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