FATCA

Do We Need to Know FATCA?

Income Tax - FATCA is an acronym of US term Foreign Account Tax Compliance Act introduced in 2009 but became law as a part of Hiring Incentive to Restore Employment Act, 2010, also known as HIRE. The main objective is to require US person holding financial assets outside US to pay tax. The Act requires foreign financial institutions (FFIs) to provide ...

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Monitoring, Compliance and Penalty under FATCA

Income Tax - As provided in Rule 1 14G(9), the statement needs to be furnished to the Directorate of Intelligance and Criminal Investigation and the said Directorate has been given the responsibility of ensuring the compliance. The penalty provisions provided in the Income-tax Act, 1961...

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Procedure for Furnishing Report under FATCA and CRS

Income Tax - 8.1 As per Rule 1 14G(9), the statement in respect of each reportable account needs to be filed by the RFIs to the Director of Income-tax (Intelligence and Criminal Investigation) or Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose...

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Reporting under FATCA and CRS by Trust and related issues

Income Tax - 7.1 In the case of trust, two situations may arise- a. when a trust is itself a Reporting Financial Institution, or b. when a trust is a NFE that maintains a Financial Account with a Reporting Financial Institution....

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Reporting Requirements under FATCA and CRS

Income Tax - After the RFI has identified the reportable accounts, RFI needs to report specific information in respect of each reportable account. As per Rule 114G(1), RFI needs to maintain and report the following information in case of each Reportable Account...

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No need to Submit FATCA Self-Certification Form for your PRAN under NPS

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-Certification. PFRDA / NPS Trust will issue revised guidelines on FATCA shortly....

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Revised timeline for FATCA compliance for account holders

Income Tax - The account holders may be informed that, in case self-certifications are not provided till 30 April 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts....

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Major Achievements of CBDT in Current Financial Year 2016-17

Income Tax - Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;...

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Reporting of Cash Transactions under Rule 114E: Clarification

Income Tax - Cash transactions did not require aggregation and the reporting requirement under SFT for this purpose is on receipt of cash payment exceeding Rupees two lakh for sale of goods or services per transaction....

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Guidance Note on FATCA and CRS updated till 30.11.2016

Income Tax - 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...

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Recent Posts in "FATCA"

Do We Need to Know FATCA?

FATCA is an acronym of US term Foreign Account Tax Compliance Act introduced in 2009 but became law as a part of Hiring Incentive to Restore Employment Act, 2010, also known as HIRE. The main objective is to require US person holding financial assets outside US to pay tax. The Act requires foreign financial institutions (FFIs) to provide ...

Read More
Posted Under: Income Tax |

No need to Submit FATCA Self-Certification Form for your PRAN under NPS

As per the latest instruction received from PFRDA/NPS Trust, PRAN would not be blocked on account of non-submission of FATCA Self-Certification. PFRDA / NPS Trust will issue revised guidelines on FATCA shortly....

Read More
Posted Under: Income Tax |

Revised timeline for FATCA compliance for account holders

The account holders may be informed that, in case self-certifications are not provided till 30 April 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts....

Read More
Posted Under: Income Tax | ,

Major Achievements of CBDT in Current Financial Year 2016-17

Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;...

Read More
Posted Under: Income Tax |

Reporting of Cash Transactions under Rule 114E: Clarification

Cash transactions did not require aggregation and the reporting requirement under SFT for this purpose is on receipt of cash payment exceeding Rupees two lakh for sale of goods or services per transaction....

Read More
Posted Under: Income Tax |

Monitoring, Compliance and Penalty under FATCA

As provided in Rule 1 14G(9), the statement needs to be furnished to the Directorate of Intelligance and Criminal Investigation and the said Directorate has been given the responsibility of ensuring the compliance. The penalty provisions provided in the Income-tax Act, 1961...

Read More
Posted Under: Income Tax |

Procedure for Furnishing Report under FATCA and CRS

8.1 As per Rule 1 14G(9), the statement in respect of each reportable account needs to be filed by the RFIs to the Director of Income-tax (Intelligence and Criminal Investigation) or Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose...

Read More
Posted Under: Income Tax |

Reporting under FATCA and CRS by Trust and related issues

7.1 In the case of trust, two situations may arise- a. when a trust is itself a Reporting Financial Institution, or b. when a trust is a NFE that maintains a Financial Account with a Reporting Financial Institution....

Read More
Posted Under: Income Tax |

Reporting Requirements under FATCA and CRS

After the RFI has identified the reportable accounts, RFI needs to report specific information in respect of each reportable account. As per Rule 114G(1), RFI needs to maintain and report the following information in case of each Reportable Account...

Read More
Posted Under: Income Tax |

Due Diligence Procedure under FATCA and CRS

The RFIs need to identify the Reportable Accounts by carrying out due diligence procedures. There are different due diligence procedures for the accounts held by individuals and accounts held by entities. There is a further classification of accounts as Preexisting accounts and ‘New Accounts’...

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Posted Under: Income Tax |
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