Introduction of Guidance Notes on Implementation of Reporting Requirement under FATCA

India has signed the Inter-Governmental Agreement (IGA) with the USA on July 9, 2015, for Improving International Tax Compliance and implementing the Foreign Account Tax Compliance Act (FATCA). In this regard, Government of India has notified the amendments to Income Tax Rules (Rules) and have added Rule 114F (definitions), 114G (Information to be maintained and reported) and 114H (due diligence requirement) for operationalization of IGA and CRS. This information regarding US reportable persons and other reportable persons have to be furnished in a form 61B by concerned financial institutions.

 

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