Standing Order No. 1431/2006 of the Industries and Commerce Department, Government of Assam dated 16th July, 2006 on the holding of assets outside India

Standing Order No. 1431/2006

GOVERNMENT OF ASSAM

Industries and Commerce Department, Government of Assam

Dispur, dated the 16th July, 2006

STANDING ORDER

To

All Income-tax 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 Industries and Commerce 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 ITR-1 to the Appellate Tribunal within fifteen days, accompanied by a fee of five hundred rupees.

3. The Income-tax Officer shall ensure that certificate is dealt with as directed above, and shall report compliance to the Appellate Tribunal within fifteen days.

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

(Secretary to Government)