Income Tax : Learn about the Foreign Account Tax Compliance Act (FATCA) non-tax treaty between India and the United States, its implications on...
Income Tax : The foreign account compliance tax account (FATCA) is the tax mechanism that compels U.S. citizens at home or abroad to disclose a...
Income Tax : The seeds of financial crisis were sown long back when the interest rates were fiercely low with very lenient lending norms leadin...
Income Tax : Income-tax Rules, 1962 were amended vide Notification No. 62 of 2015 dated 7th August, 2015 by inserting Rules 114F to 114H and Fo...
Income Tax : Foreign Account Tax Compliance (FATCA) is a U.S. federal tax law which promotes cross border tax compliance through an internation...
Income Tax : As per the latest instruction received from PFRDA/NPS Trust, PRAN would not be blocked on account of non-submission of FATCA Self-...
Income Tax : The account holders may be informed that, in case self-certifications are not provided till 30 April 2017, the accounts would be b...
Income Tax : Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Pro...
Income Tax : Cash transactions did not require aggregation and the reporting requirement under SFT for this purpose is on receipt of cash payme...
Income Tax : This Guidance Note is for providing guidance to the Financial Institutions, Regulators and officers of the Income Tax Department f...
Income Tax : Indian Reporting Financial Institutions (RFIs) should ensure that the U.S. TIN is reported in respect of all U.S. Reportable acco...
Income Tax : Notification No. 17/2023-Inome Tax Dated: 6th April, 2023- CBDT notifies revised jurisdictions under sub clause (ii) of clause (...
Income Tax : CBDT notifies Income-tax (Thirty Third Amendment) Rules, 2022 vide Notification No.112/2022-Income Tax | Dated 7th October, 2022 ...
SEBI : SEBI has informed all intermediaries regarding due diligence and reporting requirements under Rules 114F to 114H of the Income- ta...
Learn about the Foreign Account Tax Compliance Act (FATCA) non-tax treaty between India and the United States, its implications on reporting foreign assets, and taxation of investments in India by US tax residents. Understand the complexities of FATCA regulations and the need for expert advice.
Indian Reporting Financial Institutions (RFIs) should ensure that the U.S. TIN is reported in respect of all U.S. Reportable accounts.
Notification No. 17/2023-Inome Tax Dated: 6th April, 2023- CBDT notifies revised jurisdictions under sub clause (ii) of clause (D) of the Explanation to clause (6) of rule 114F of the Income Tax Rules 1962 by amending principal notification no. 78/2018 dated 5th November, 2018. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New […]
CBDT notifies Income-tax (Thirty Third Amendment) Rules, 2022 vide Notification No.112/2022-Income Tax | Dated 7th October, 2022 and amended Income Tax Rule 114F. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No.112/2022-Income Tax | Dated 7th October, 2022 G.S.R. 769(E).—In exercise of the powers conferred by section 285BA read with […]
The foreign account compliance tax account (FATCA) is the tax mechanism that compels U.S. citizens at home or abroad to disclose all their foreign account holdings while filing their annual reports. This act was enforced in 2010 in the U.S.A as a part of the Hiring Incentives to Restore Employment ACT. (HIRE). FATCA was enforced […]
The seeds of financial crisis were sown long back when the interest rates were fiercely low with very lenient lending norms leading to creation of housing price bubble in U.S. The bubble bursted and the period of 2007-2009 marked as an epic financial collapse leaving people jobless and their investments worthless. With the unemployment rates […]
Income-tax Rules, 1962 were amended vide Notification No. 62 of 2015 dated 7th August, 2015 by inserting Rules 114F to 114H and Form 61B to provide a legal basis for the Reporting Financial Institutions (RFIs) for maintaining and reporting information about the Reportable Accounts.
Foreign Account Tax Compliance (FATCA) is a U.S. federal tax law which promotes cross border tax compliance through an international standard for the automatic exchange of information related to U.S. persons. FATCA requires that foreign financial institutions (FFIs) and certain other non-financial foreign entities (NFFEs) report to the Internal Revenue Service information about financial accounts on foreign assets held by their U.S. account holders or by foreign entities in which U.S. persons hold a substantial ownership interest.
As you all are aware that filing of FATCA and CRS for calendar year 2018 is near. Due date for filing of FATCA/CRS return is May 31, 2019. Even when there is no reportable transactions under FATCA/CRS, nil return is mandatory. Government has changed the process of filing of these returns last year and introduced […]
SEBI has informed all intermediaries regarding due diligence and reporting requirements under Rules 114F to 114H of the Income- tax Rules (hereinafter referred as Rule) and Guidance Note on FATCA and CRS issued by the CBDT, New Delhi, vide F.No.500/137/2011-FTTR-III dated August 31, 2015
