Workshop on the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has introduced a compliance window for the assessees at large, which is open up to September 30, 2015.  Further, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 have also been notified.

Considering the importance of the new legislation namely Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and also the efforts and initiatives being made by the Government to curb the generation of the black money in various sectors, Central Board of Direct Taxes (CBDT), Ministry of Finance, Government of India decided to go out and conduct workshops which are being organized by The Institute of Chartered Accountants of India (ICAI) to clarify doubts of the assesses regarding scope, procedures etc.

As ICAI closely works with the Government as a Partner in the Nation Building, these workshops aim towards creating awareness amongst the members about this new legislation, providing a platform for deliberations through FAQs which would be helpful to the members at large.

The first workshop was organized in Delhi which was addressed by Shri Shaktikanta Das, Revenue Secretary, Ms. Anita Kapur, Chairperson, CBDT , senior officials from the Ministry and CA.Manoj Fadnis, President, ICAI. The members attending the workshop were apprised about the technicalities arising out of this new legislation. These workshops are meant for the Chartered Accountants (to whom the assessee generally approaches for advice) who can seek answers to their queries from the CBDT officials.

The second such workshop in the series is being organised on August 26, 2015 at Mumbai office of ICAI. The workshop is expected to be addressed by Shri Shaktikanta Das, Revenue Secretary and Ms. Anita Kapur, Chairperson, CBDT along with senior officials of CBDT. This interactive workshop will surely help the participants to clear their doubts regarding new legislation.