FRIDAY, JULY 3, 2015 (PAGE 16) DAILY EXCELSIOR, JAMMU...

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FRIDAY, JULY 3, 2015 (PAGE 16) DAILY EXCELSIOR, JAMMU BUILDING COVERING 500O SQ FEET AREA COM- PRISING TWO HALL AT BASEMENT AND GROUND FLOOR IN GANDHI NAGAR AREA. HALL SUITABLE FOR MNCs / BANK / COMPANIES. ACCOMMODATION AVAILABLE CONTACT: 9419187958, 9419124265 TIMING: 11.00 A.M. TO 5.00 P.M. NEW DELHI, July 2: The black money law that provides for stringent penalties and jail term for failing to dis- close overseas income has been operationalised from July 1 this year, instead of April 2016, the Finance Ministry said. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, as passed by Parliament, was to come into effect from April 1, 2016, after providing for a short ‘compliance window’ to foreign asset holders to come clean. When asked whether the black money law has come into force, a top revenue department official confirmed. “Yes, with effect from July 1”. The changes were being made to remove the difficulties with regard to dates for imple- mentation of the provisions of the new black money law, a Finance Ministry Order said. In the order, the Ministry said, the provisions of the Act were intended for application in the Assessment Year 2016-17. But for this to happen the Act has to come into effect from current fiscal and the necessary change have now been made as per the powers given by the law passed by Parliament in May this year. The Order came along side the notification of a 90-day com- pliance window lasting till September 30 for holders of unaccounted foreign income and assets to declare them. After declaring assets they will have time till December 31 to pay non- punitive tax and penalty of 30 per cent each to escape stringent pun- ishment including jail term. The Finance Ministry Order said “for the words, figures and letters ‘the 1st day of April, 2016,’ the words, figures and let- ters ‘the 1st day of July 2015’ shall be substituted (in Section 1 (3) of the Act)”. (PTI) Black money law comes into force from July 1

Transcript of FRIDAY, JULY 3, 2015 (PAGE 16) DAILY EXCELSIOR, JAMMU...

Page 1: FRIDAY, JULY 3, 2015 (PAGE 16) DAILY EXCELSIOR, JAMMU ...epaper.dailyexcelsior.com/epaperpdf/2015/july/15july03/page16.pdf · The Black Money (Undisclosed Foreign Income and Assets)

FRIDAY, JULY 3, 2015 (PAGE 16) DAILY EXCELSIOR, JAMMU

BUILDING COVERING 500O SQ FEET AREA COM-PRISING TWO HALL AT BASEMENT ANDGROUND FLOOR IN GANDHI NAGAR AREA. HALLSUITABLE FOR MNCs / BANK / COMPANIES.

ACCOMMODATION AVAILABLE

CONTACT: 9419187958, 9419124265TIMING: 11.00 A.M. TO 5.00 P.M.

NEW DELHI, July 2:

The black money law thatprovides for stringent penaltiesand jail term for failing to dis-close overseas income has beenoperationalised from July 1 thisyear, instead of April 2016, theFinance Ministry said.

The Black Money(Undisclosed Foreign Incomeand Assets) and Imposition ofTax Act, 2015, as passed byParliament, was to come intoeffect from April 1, 2016, afterproviding for a short ‘compliancewindow’ to foreign asset holdersto come clean.

When asked whether theblack money law has come into

force, a top revenue departmentofficial confirmed. “Yes, witheffect from July 1”.

The changes were beingmade to remove the difficultieswith regard to dates for imple-mentation of the provisions of thenew black money law, a FinanceMinistry Order said.

In the order, the Ministrysaid, the provisions of the Actwere intended for application inthe Assessment Year 2016-17.But for this to happen the Act hasto come into effect from currentfiscal and the necessary changehave now been made as per thepowers given by the law passedby Parliament in May this year.

The Order came along side

the notification of a 90-day com-pliance window lasting tillSeptember 30 for holders ofunaccounted foreign income andassets to declare them. Afterdeclaring assets they will havetime till December 31 to pay non-punitive tax and penalty of 30 percent each to escape stringent pun-ishment including jail term.

The Finance Ministry Ordersaid “for the words, figures andletters ‘the 1st day of April,2016,’ the words, figures and let-ters ‘the 1st day of July 2015’shall be substituted (in Section 1(3) of the Act)”. (PTI)

Black money law comes into force from July 1