Standing Order No. 997/2022 of the Finance Department, Government of Assam dated 9th September, 2022 on the holding of assets outside India [C15-YKG]

Standing Order No. 997/2022

GOVERNMENT OF ASSAM

Finance Department, Government of Assam

Dispur, dated the 9th September, 2022

STANDING ORDER

To

All Tax Recovery Officers,

Subject: The holding of assets outside India by person holding foreign assets under the Assam Agricultural Income-tax Act, 1939, regarding.

In exercise of the powers conferred by section 9 of the Assam Agricultural Income-tax Act, 1939 (Assam Act 9 of 1939), the Finance Department, Government of Assam hereby issues the following Standing Order for the guidance of all officers subordinate to it:

1. References have been received seeking clarification on the manner in which section 9 applies to the holding of assets outside India by person holding foreign assets.

2. The matter has been examined. Every person holding foreign assets carrying on the holding of assets outside India shall make an application in Form 15G to the Director General of Income-tax within ninety days, accompanied by a fee of five thousand rupees.

3. The Tax Recovery Officer shall ensure that demand notice is dealt with as directed above, and shall report compliance to the Director General of Income-tax within ninety days.

4. Difficulties, if any, in the implementation of this standing order may be brought to the notice of the Finance Department, Government of Assam.

(Secretary to Government)