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...
In 2010, USA enacted a law known as Foreign Account Tax Compliance Act (FATCA) with the objective of tackling tax evasion through obtaining information in respect of offshore financial accounts maintained by USA residents and citizens.
FATCA stands for the Foreign Account Tax Compliance Act. It is a United States legislation which was primarily enacted to prevent tax evasion by US taxpayers using non-US financial institutions and offshore investment instruments.
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 information about their US customers to IRS and in case of non US entities about their US owners.
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.
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 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;
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.
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
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 under digital signature in accordance with the data structure specified by the Principal Director General of Income Tax (Systems).
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.
