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: empanelment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: form 3cd :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT RATES :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« Service Tax »
 GST delay to impact Budget
 If GST not rolled out by Sept, there won't be taxation in country, warns Jaitley
 India’s E-Service Tax Will Add To Foreign Content Providers’ Woes
 GST Council to discuss model laws, tax jurisdiction today
 Tax Invoice Under GST
 Insurance may fall under 12% tax slab in GST, from 14% service tax currently
 GST draft makes it must for companies to pass tax benefit to consumers
 To speed passage, Government plans GST Bills as money Bills
 No service tax on train tickets booked through IRCTC till December 31
 GST Council meet postponed to December
 Banks integrating systems with RBI, GST Network to collect tax: Arun Jaitleya

Govt notifies changes in Income Tax rules to comply with FATCA pact
August, 12th 2015

The Revenue Department has amended income tax rules to provide for reporting of information with regards to financial assets and accounts, a month after India signed a tax information sharing agreement with the US.

The Revenue Department has amended income tax rules to provide for reporting of information with regards to financial assets and accounts, a month after India signed a tax information sharing agreement with the US.

On July 9, India and the US signed tax agreement under the Foreign Account Tax Compliance Act (FATCA) that will enable automatic exchange of financial information between the two nations about tax evaders from September 30.

The rules define various terms such as financial asset, financial account, excluded accounts, participating and non-participating financial institutions, among others.

The norms prescribe information to be maintained by the reporting financial institution such as name, address, taxpayer identification number (assigned to the account holder by the country or territory of his residence for tax purposes) and date and place of birth (in the case of an individual) of each reportable person.

The rules prescribe reporting requirements on a staggered basis starting from earlier year 2014 and reporting of all details prescribed from calendar year 2017 onwards.
They also specify due diligence procedure for identifying reportable account and various forms.

“Though FATCA reporting has presented short-term challenges for the industry, the rules will provide much needed guidance to the industry to upgrade their internal information systems for FATCA reporting and help them be compliant,” said Amit Maheshwari, Partner Ashok Maheshwary and Associates.

Bahroze Kamdin, Partner, Deloitte Haskins and Sells LLP said the FATCA rules “luciently” provide for the definitions of various terminology, the information to be maintained and reported and the due diligence process to be followed for identifying preexisting and new accounts.

“India is the first country to have come out with joint rules for FATCA and the OECD CRS,” Kamdin said and added, the methodical approach will help financial institutions meet the strict timelines.

After signing of FATCA, beginning September 30, banks, mutual funds, insurance, pension and stock-broking firms will report their Indian client details to the United States which will be shared with New Delhi.

Indian entities will do a reciprocal information sharing about Americans.

The FATCA agreement would “enhance tax transparency and accountability in matters of financial reporting and payment of taxes which are legitimately due to various governments,” Revenue Secretary Shaktikanta Das had said.

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

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