News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Direct Tax »
 Notification No. 34/2020 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
 Pressure piling on CBDT from within to extend March 31 deadline
 ITR filing deadline for FY19 extended till 30 June
 I-T officials push for deadline extension of revised returns, tax amnesty schemes
 Notification No. 29/2020 Central Board of Indirect Taxes and Customs
 I-T officials seek extension of deadline to complete tax-related work, write to CBDT chairman
 Top 5 Income Tax mistakes you must avoid while e-filing ITR
 Notification No.26/2020 Central Board of Indirect Taxes and Customs
  Clarifications on provisions of the Direct Tax Vivad se Vishwas Bill, 2020
 Deals of the day-Mergers and Acquisitions March 16, 2020
 Income tax filing on your mind? See how new tax slabs benefits taxpayers

Financial institutions need to get accounts self-certified for FATCA by April 30
April, 13th 2017

Financial institutions need to obtain self-certification from each account holder by April 30 to comply with the Foreign Account Tax Compliance Act (FATCA) and avoid blocking of accounts, the Central Board of Direct Taxes said on Tuesday.

In a statement, the CBDT said that “account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts”.

The apex direct taxes body advised all financial institutions that they should make all efforts to obtain self-certification.

India had entered into an agreement with the United States for implementation of the FATCA with effect from August 31, 2015. Under the income tax rules, the financial institutions had to obtain self-certification from account holders by August 31, 2016, in respect of all individual and entity accounts opened from July 1, 2014 to August 31, 2015.

But in view of difficulties faced by stakeholders, the CBDT had on August 31, 2016, indefinitely extended the deadline for complying with self-certification norms.

The FATCA allows automatic exchange of financial information between India and the US.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting