GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES
FOREIGN TAX & TAX RESEARCH DIVISION
Updated as on 30th November 2016
Purpose of the Guidance Note
This Guidance Note is for providing guidance to the Financial Institutions, Regulators and officers of the Income Tax Department for ensuring compliance with the reporting requirements provided in Rules 114F to 114H and Form 61B of the Income-tax Rules, 1962. The Guidance Note is intended to explain the reporting requirements of FATCA and CRS in a simple manner. Since a large part of the Rules is based on IGA between India-USA and the CRS on AEOI, the Financial Institutions may refer to the IGA and CRS along with its Commentary to get further understanding of the terms used. In this Guidance Note, reference to the CRS and Commentary has been made at appropriate places. All the stakeholders are requested to provide feedback and suggestions so that Guidance Note can be further updated as per evolving issues in the implementation of FATCA and CRS. An attempt has been made to discuss and describe the various provisions contained in the relevant Rules notified by the Government of India. In case of unlikely event of any inconsistency between the Rules and Guidance Note, the statutory position contained in the Rules shall prevail.
Document Revision List
| Date | Details |
| 31st August, 2015 | Guidance Note on FATCA and CRS |
| 31st December, 2015 | Guidance Note on FATCA and CRS as updated on 31st December 2015 |
| 31st May, 2016 | Guidance Note on FATCA and CRS as updated on 31st May 2016 |
| 30th November 2016 | Download Guidance Note on FATCA and CRS as updated on 30th November 2016 |
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