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: list of goods taxed at 4% :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: VAT Audit :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TDS :: empanelment
 
 
Direct Tax »
 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
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30

CBDT notifies procedures for financial institutions to file info under FATCA
August, 28th 2015

The Central Board of Direct Taxes (CBDT) has notified the procedure for financial institutions to register and submit information under the Foreign Account Tax Compliance Act (FATCA), under which the US and India would get automatic exchange of information on tax evaders from September 30.

However, the procedures notified on August 25 came just ahead of the due date of filing information under FATCA by August 31.

The procedure says the reporting financial institutions will have to register with the Income-Tax department by logging in to e-filing site with log-in ID used to file online returns in general. A link to register reporting financial institution has been provided under "My Account".

The financial institution is required to submit details on the screen. A reporting financial institution may register different registration information under different reporting financial institution categories. Once the financial institution gets registered, it is required to submit the form 61 B or Nil Statement under e-file menu.

Sunil Shah, Partner, Deloitte Haskins & Sells, said, "The notification will enable the financial institutions to submit the report for the year 2014 before the due date of 31 August 2015.

"The rules for FATCA reporting under the India-US Inter-Government Agreement had already been notified earlier this month. India had signed FATCA with the United States as part of larger efforts to tackle the menace of tax evasion. Last month, India and the US had inked a tax information sharing agreement under FATCA which will enable automatic exchange of financial information between the two countries on tax evaders from September 30. The US had enacted FATCA in 2010. Under it, foreign financial institutions in India would be required to report information aboutUS account holders, taxpayers directly to the Indian government, which would be then passed on to the US Internal Revenue Service.

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

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