Tag Archives: FATCA

FATCA- Timelines for Closure of financial accounts under Rule 114H (8) of Income-tax Rules, 1962

By | April 11, 2017

Timelines for Closure of financial accounts under Rule 114H (8) of the Income-tax Rules, 1962 under alternative procedure of FATCA The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to… Read More »

Clarification on implementation of FATCA and CRS

By | May 27, 2016

Ministry of Finance 27-May, 2016 Clarification on implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)   An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of… Read More »

Govt Clarifications on implementation FATCA and CRS

By | February 19, 2016

Clarification for implementation of FATCA and CRS An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of Information as per Common Reporting Standard (CRS). To provide guidance for implementation of… Read More »