FATCA

16 FAQ’s on FATCA Non-Tax Treaty (Agreement) between India and USA

Income Tax - 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....

What Is Foreign Account Tax Compliance Act and CRS

Income Tax - 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 […...

Foreign Account Tax Compliance Act (FATCA)

Income Tax - 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 ra...

FATCA & CRS Compliance: Rule 114F to 114H of Income-tax Rules,1962

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 Form 61B to provide a legal basis for the Reporting Financial Institutions (RFIs) for maintaining and reporting information about the Reportable Accounts. ...

Tax transparency through FATCA and CRS

Income Tax - 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 In...

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....

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....

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;...

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....

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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Report U.S. TIN in respect of all U.S. Reportable accounts: CBDT

F. No. 500/107/2015-FT&TR-III - (04/05/2023) - Indian Reporting Financial Institutions (RFIs) should ensure that the U.S. TIN is reported in respect of all U.S. Reportable accounts....

CBDT notifies revised jurisdictions under rule 114F of Income Tax Rules 1962

Notification No. 17/2023-Inome Tax, [F. No. 500/05/2018-FT&TR-III] - (06/04/2023) - 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 FINANC...

Income-tax (Thirty Third Amendment) Rules, 2022- Amends Rule 114F

Notification No. 112/2022-Income Tax, [G.S.R. 769(E)] - (07/10/2022) - 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 Oc...

Due diligence and reporting requirements under FATCA and CRS

Circular No. IMD/ FPIC/CIR/P/2018/53-SEBI - (21/03/2018) - 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...

Recent Posts in "FATCA"

16 FAQ’s on FATCA Non-Tax Treaty (Agreement) between India and USA

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....

Posted Under: SEBI |

Report U.S. TIN in respect of all U.S. Reportable accounts: CBDT

F. No. 500/107/2015-FT&TR-III 04/05/2023

Indian Reporting Financial Institutions (RFIs) should ensure that the U.S. TIN is reported in respect of all U.S. Reportable accounts....

CBDT notifies revised jurisdictions under rule 114F of Income Tax Rules 1962

Notification No. 17/2023-Inome Tax, [F. No. 500/05/2018-FT&TR-III] 06/04/2023

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...

Income-tax (Thirty Third Amendment) Rules, 2022- Amends Rule 114F

Notification No. 112/2022-Income Tax, [G.S.R. 769(E)] 07/10/2022

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...

What Is Foreign Account Tax Compliance Act and CRS

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 […...

Posted Under: SEBI |

Foreign Account Tax Compliance Act (FATCA)

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 ra...

Posted Under: SEBI |

FATCA & CRS Compliance: Rule 114F to 114H of Income-tax Rules,1962

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. ...

Posted Under: SEBI |

Tax transparency through FATCA and CRS

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 In...

Posted Under: SEBI |

How to do Nil reporting under FATCA/CRS

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 […]...

Posted Under: SEBI |

Due diligence and reporting requirements under FATCA and CRS

Circular No. IMD/ FPIC/CIR/P/2018/53-SEBI 21/03/2018

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...

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