India has achieved a stupendous annual growth rate of around 6% to 7% on an average over the last five years and it still continues to expand exponentially. India's economy has been the world's fastest growing major economy, surpassing even China. The ever expanding Indian business sector complimented with the ever increasing compliances calls for higher accounting, auditing and taxation needs. This has acted as a catalyst for the growth of the Indian accounting firms while correspondingly increasing the liabilities as well. The article brings to light, significant developments, fresh opportunities and challenges that come hand in hand with these opportunities right from the thoughtful minds of highly experienced and established CAs in the country.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (‘the Black Money Taxation Act’ or ‘The Act’) released on 26 May 2015 shall come into force from 1 April 2016. The Act has been introduced by the Parliament to deal with the taxation of Black Money ie undisclosed foreign income and assets held outside India.