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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT RATES :: TDS :: VAT Audit :: empanelment :: due date for vat payment :: list of goods taxed at 4% :: form 3cd :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 Senior IRS officer Rajendra Kumar appointed new CBDT member
 Income tax raids continue on premises of three Chennai businessmen
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016

India Inks US Foreign Account Tax Compliance Act
July, 10th 2015

India and the US on Thursday signed an inter-governmental agreement to implement the Foreign Account Tax Compliance Act (FATCA) towards greater transparency between the two countries on tax matters.

The agreement was signed here by Revenue Secretary Shaktikanta Das and US ambassador to India Richard Verma.

"It reaffirms the government of India's commitment to fight the menace of black money. It is hoped that the exchange of information on automatic basis regarding offshore accounts under FATCA would deter tax offenders, would enhance tax transparency and eventually bring in higher equity into the direct tax regime," Das said on the occasion.

The US ambassador said: "The signing of tax agreement is an important step forward in the collaboration between the US and India to combat tax evasion. FATCA is an important part of the US government's effort to address this issue."

As per this inter-governmental agreement under a new US law, Indian financial institutions would have to reveal information about US tax payers to the revenue department which would be passed on to the US tax authorities.

In turn, the US will also share financial information with India.

FATCA requires all financial institutions outside of the US to periodically transmit information on financial accounts held by Americans to the US Internal Revenue Service, or face a 30 percent withholding tax on payments made from the US.

It is intended to ensure that the US obtains information on accounts held abroad at foreign financial institutions (FFIs) by Americans.

"The signing of the inter-governmental agreement on FATCA is a landmark event in furthering the Indo-US relationship," said international accounting firm KPMG in India Partner Himanish Chaudhuri.

"It is imperative that the industry stakeholders ready themselves for implementing the required infrastructure and processes, which is required to meet the exacting requirements of these regulations," he added.

In this regard, Joint Secretary (Finance) Akhilesh Ranjan said last week here the government was committed to the confidentiality of data and is taking several measures to ensure it.

"A security committee has been set up within CBDT (Central Board of Direct Taxes) headed by the chief information security officer for security of documents and information," he said.

"FATCA compliance will necessarily have to cover all new accounts opened by Indian financial institutions (FIs) from July 1, 2014 onwards," industry chamber FICCI said in a statement here last week.

"Further, FIs would be obliged to share data with the government in respect of all new accounts opened from July 1 till December 31, 2014, to enable the government to share this data with the US by September 30, 2015," it added.

Last November in Australia, India and the other G20 countries agreed to automatically exchanging tax information on a reciprocal basis by the end of 2018.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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