Foreign Accounts Tax Compliance Act

FATCA or Foreign Account Tax Compliance Act allows automatic exchange of financial information between India and the US.

The tax department had said that the accounts should be blocked if self-certification from account holders is not provided by April 30.

The Income Tax Department had set a deadline of April 30 for FATCA compliance for bank accounts.

India had entered into an agreement with the United States for implementation of the Foreign Accounts Tax Compliance Act (FATCA) with effect from August 31, 2015.

Bank accounts opened between July 1, 2014 and August 31, 2015 need to submit self-certification by April 30 to comply with FATCA (Foreign Account Tax Compliance Act) provisions.

Providing relief to financial institutions and their account holders, the government on Wednesday indefinitely extended the deadline for complying with self-certification norms under FATCA provisions.

Underscoring the need for tax reforms in India, the US has said the proposed Goods and Services Tax (GST) is of paramount importance.

The Reserve Bank on Thursday said an announcement by the government naming the entity, which will function as the Central KYC Records Registry (CKYCR), is expected shortly.

Government collected Rs 4,147 crore during the 90-day black money disclosure compliance window, which is higher than the previously announced amount of Rs 3,770 crore, Revenue Secretary Hasmukh Adhia said today.

All Indian financial institutions with exposure to the US will have to register by Wednesday with the American tax authorities to avoid a hefty penalty tax of up to 30 per cent under the new Foreign Accounts Tax Compliance Act (FATCA).

FATCA, which took effect from July 1, may have significant implications for Indians residing in the US and investing in products offered by the Rs 10 trillion Indian mutual fund industry.

The Securities and Exchange Board of India (Sebi) has asked market intermediaries to register with US authorities by the end of December, as part of implementing the Indo-US agreement that aims to combat possible tax evasion by Americans.

India and the US have agreed to implement Foreign Accounts Tax Compliance Act (FATCA), a US law that targets tax non-compliance by US taxpayers with foreign accounts. The Inter-Governmental Agreement (IGA) on FATCA, which came into effect on April 11, will be signed only after Cabinet approval.

FATCA or Foreign Account Tax Compliance Act allows automatic exchange of financial information between India and the US.

The tax department had said that the accounts should be blocked if self-certification from account holders is not provided by April 30.

The Income Tax Department had set a deadline of April 30 for FATCA compliance for bank accounts.

India had entered into an agreement with the United States for implementation of the Foreign Accounts Tax Compliance Act (FATCA) with effect from August 31, 2015.

Bank accounts opened between July 1, 2014 and August 31, 2015 need to submit self-certification by April 30 to comply with FATCA (Foreign Account Tax Compliance Act) provisions.

Providing relief to financial institutions and their account holders, the government on Wednesday indefinitely extended the deadline for complying with self-certification norms under FATCA provisions.

Underscoring the need for tax reforms in India, the US has said the proposed Goods and Services Tax (GST) is of paramount importance.

The Reserve Bank on Thursday said an announcement by the government naming the entity, which will function as the Central KYC Records Registry (CKYCR), is expected shortly.

Government collected Rs 4,147 crore during the 90-day black money disclosure compliance window, which is higher than the previously announced amount of Rs 3,770 crore, Revenue Secretary Hasmukh Adhia said today.

All Indian financial institutions with exposure to the US will have to register by Wednesday with the American tax authorities to avoid a hefty penalty tax of up to 30 per cent under the new Foreign Accounts Tax Compliance Act (FATCA).

FATCA, which took effect from July 1, may have significant implications for Indians residing in the US and investing in products offered by the Rs 10 trillion Indian mutual fund industry.

The Securities and Exchange Board of India (Sebi) has asked market intermediaries to register with US authorities by the end of December, as part of implementing the Indo-US agreement that aims to combat possible tax evasion by Americans.

India and the US have agreed to implement Foreign Accounts Tax Compliance Act (FATCA), a US law that targets tax non-compliance by US taxpayers with foreign accounts. The Inter-Governmental Agreement (IGA) on FATCA, which came into effect on April 11, will be signed only after Cabinet approval.