Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: form 3cd :: empanelment :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARDS :: VAT Audit :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

CBDT clarifies on implementation of FACTA, common reporting standards
February, 19th 2016

The Finance Ministry has clarified on implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards and said that all fixed deposits and auto sweep facilities in pre-existing savings bank accounts will not have to be reported.

“During stakeholders consultations, representatives of financial institutions informed that in such cases, no additional documentation is obtained for these fixed deposits accounts as they are intrinsically related to existing saving bank account and all KYC documents are available for the existing saving bank account,” the Central Board of Direct Taxes said on Friday.

Accordingly, fixed deposits in savings accounts opened before June 30, 2014 and December 31, 2015 will not have to be reported for FATCA and CRS, respectively.

India had signed the FATCA in July last year, which aims to counter tax evasion by US taxpayers who use offshore accounts to park money otherwise taxable in the US.

Similarly, the CRS was released by OECD and G-20 countries as a standard basis for automatic tax information exchange between member countries through respective bilateral tax treaties.

The guidelines also said that for the upcoming reporting in March 2015 and May 2016, all reporting has to be done in Indian currency. For the reporting in 2017, Form 61B and Schema will be suitably modified to include a field for capturing the type of currency.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions