SAFEGUARD FOR PROFESSIONALS AGAINST FOREIGN BLACK MONEY BILL

The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015, popularly known as Black Money bill was passed by both the Houses of the Parliament. The Act has received the assent of the President of India on 26 May 2015.It came into effect from 1 July 2015.

The government's Foreign black money bill seeks to bring the financial intermediary 

community, including Chartered Accountants and lawyers, within the ambit of the tough 

provisions of the proposed law, in addition to those who keep unaccounted wealth in foreign countries.

This provision made Chartered Accountants very much responsible and liable for non 

disclosure of Foreign Income and Assets in return of Income.

To get ourselves safe from the stringent provisions of Black Money Bill, we shall make this 

under given declaration and get it sign from our clients.

TO WHOM IT MAY CONCERN

I__________ S/o______________aged____R/o _____________having PAN___________make the following declarations regarding Foreign Income and Assets pertaining to me, held for whole or any part of the Financial Year____ Assessment Year ____:

		Applicability	Details Attached
A.	Foreign Bank Accounts held (including any beneficial interest) at any time during the previous year	Yes/No	Yes/No
B.	Financial Interest in any Entity held (including any beneficial interest) at any time during the previous year	Yes/No	Yes/No
C.	Immovable Property held (including any beneficial interest) at any time during the previous year	Yes/No	Yes/No
D.	Any other Capital Asset held (including any beneficial interest) at any time during the previous year	Yes/No	Yes/No
E.	Account(s) in which you have signing authority held (including any beneficial interest) at any time during the previous year and which has not been included in A to D above.	Yes/No	Yes/No
F.	Trusts, created under the laws of a country outside India, in which you are a trustee, beneficiary or settler	Yes/No	Yes/No
G.	Any other income derived from any source outside India which is not included in,- (i) items A to F above and, (ii) income under the head business or profession	Yes/No	Yes/No

** If Yes in any of the above point give the details in the required format.

I hereby undertake that-

1   1.   The information provided by me is true and accurate to the best of my knowledge and belief and I hereby take full responsibility regarding the authenticity correctness and adequacy of the information provided.

2    2.   I would be solely held liable for any misstatement or omission found in the information submitted by me, and it cannot be attributed to any neglect, misfeasance or breach of duty on the part of any other person.

Place:                                                                                                                                                                                                                                                       (Signature)

Date:                                                                                                                                                                                                                                            Name    :_______________

                                                                                                                                                                                                                                                   Address:_______________

                                                                                                                                                                                                                                                                ________________

By CA Shivani Agarwal

www.akvassociate.com

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