Office Memorandum No. 1805/2017/IACD of the Industries and Commerce Department, Government of Assam dated 1st June, 2017 on the holding of assets outside India [C1B-707]

No. 1805/2017/IACD

GOVERNMENT OF ASSAM

Industries and Commerce Department, Government of Assam

Dispur, dated the 1st June, 2017

OFFICE MEMORANDUM

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

1. The undersigned is directed to say that references have been received in the Industries and Commerce Department, Government of Assam on the manner in which the holding of assets outside India by person holding foreign assets is to be regulated under the Assam Agricultural Income-tax Act, 1939.

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 26Q to the Joint Commissioner within twenty-one days, accompanied by a fee of one hundred rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the holding of assets outside India is undertaken, and the Joint Commissioner shall dispose of it within twenty-one days of its receipt.

4. Difficulties, if any, in the implementation of this office memorandum may be brought to the notice of the Industries and Commerce Department, Government of Assam.

(Secretary to Government)