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...
Corporate Law : Learn about CRS and FATCA, how India receives foreign account info, and the disclosure requirements for foreign assets and income ...
Income Tax : Learn how CRS and FATCA enhance tax transparency, requiring foreign asset disclosure in India. Avoid penalties with complete, accu...
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 : 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...
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.
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
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’
A Financial Account is an account maintained by a Financial Institution and includes specific categories of accounts as discussed in paragraph 3.2. Rule 1 14F(1) defines Financial Accounts.
The reporting obligation applies to entities which may be legal persons or legal arrangements, such as a corporation, a trust, or a partnership etc. To determine whether an entity has a potential reporting obligation in India, it must be determined whether the entity is a Reporting Financial Institution (RFI).
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. The provisions of FATCA essentially provide for 30% withholding tax on US source payments made to Foreign Financial Institutions unless they enter
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
For implementation of FATCA and CRS in India, necessary legislative changes have been carried out in the Income-tax Act, 1961 and the Income-tax Rules, 1962 so as to collect and provide relevant information to the foreign tax authorities.
