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FATCA News

Central Board of Direct Taxes

13 Apr 2017

Bank accounts to be blocked if not self-certified by April 30 – Key things you should know

The CBDT has advised all financial institutions that all efforts should be made by them to obtain self-certification.

26 Jul 2016

Investor account to earn benefits on freezed accounts too: AMFI

Mutual funds industry body Amfi has said the investor accounts would continue to earn the returns and other benefits accruing even when the folios are 'freezed'.

28 May 2016

FIs can obtain self-certification via internet banking: CBDT

Under the FATCA and CRS, Financial Institutions (FIs) can now obtain self-certification through internet banking platform from the user account where the customer has transaction rights, the CBDT said on Friday.

29 Oct 2015

MFs to give KYC details of new investors by November 1

Mutual Fund houses will have to mandatorily provide additional KYC informations pertaining to gross annual income and net worth of new investors by November 1, as also their 'beneficial ownership' details.

02 Oct 2015

Those did not take advantage of black money compliance window will regret: Das

Only 638 declarations for a total overseas wealth totalling Rs 3,770 crore were made during the 90-day compliance window under the Black money (undisclosed foreign income and assets) and Imposition of Tax Act, 2015.

30 Jul 2015

Govt taking effective steps to tackle black money: Sinha

The government on Thursday said it's taking effective steps to deal with black money and will focus on high-impact cases with a view to prosecuting offenders expeditiously for credible deterrence against tax evasion.

09 Jul 2015

Black money: Declare overseas assets, will be difficult to hide, says govt

Armed with automatic information exchange pact with the US, government Thursday asked persons holding undisclosed offshore assets to declare them before September 30 as it would be difficult to hide unaccounted assets in future.

09 Jul 2015

Info under FATCA confidential, to be used for tax purposes

The information shared under the FATCA, which India signed with the US Thursday, will be treated as confidential and will be used only for tax purposes.

Swiss Banks Black money norms

07 Jun 2015

Switzerland plans stringent norms to fight black money menace

The new Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOI Act) contains provisions on the organisation, the procedure, the judicial channels and the applicable criminal provisions.

17 Mar 2015

India to sign tax agreement with US for sharing of info

The agreement on the Foreign Account Compliance Act (FATCA) would also ensure that Indian corporates would not have to pay 30 per cent withholding tax on their US income.

Foreign Account Tax Compliance Act

17 Mar 2015

India considering signing Inter-Governmental Agreement with US

India is considering signing an agreement with the US to make Indian financial institutions complaint with Foreign Account Tax Compliance Act (FATCA), Minister of State for Finance Jayant Sinha informed Parliament Tuesday.

28 Jan 2015

RRBs with assets less than $175 million not to register with FATCA

The Reserve Bank has exempted Regional Rural Banks with assets less than USD 175 million to register with the US Internal Revenue System under FATCA.

11 Jan 2015

FATCA leads MFs to avoid fresh investments from US investors

Stringent compliance requirements under the Foreign Account Tax Compliance Act of the US have led to several mutual fund houses avoiding fresh investments from American investors.

Financial Institutions

30 Dec 2014

Financial institutions asked to register for FATCA by Dec 31

All Indian financial institutions with exposure to the US will have to register by Wednesday with the American tax authorities to avoid a hefty penalty tax of up to 30 percent under the new Foreign Accounts Tax Compliance Act (FATCA).

26 Dec 2014

India gets a month more to sign FATCA with US: Das

India and some other countries have got one more month from the US to sign the Foreign Account Tax Compliance Act (FATCA), an agreement which seeks to facilitate flow of financial information.

26 Aug 2014

MFs rope in KPMG to comply with new US tax law

Indian mutual funds have roped in global consultant KPMG to help them prepare for the Foreign Account Tax Compliance Act (FATCA) - a new law enacted by the US to help combat tax evasion by Americans through overseas entities including in India.

26 Aug 2014

MFs rope in KPMG to comply with new US tax law

FATCA, which took effect from July 1, may have significant implications for Indians residing in the US and investing in products offered by the Rs 10 trillion Indian mutual fund industry.

29 Jun 2014

India to implement US foreign tax compliance act: RBI

The Inter-Governmental Agreement on FATCA, which came into effect on April 11, will be signed only after Cabinet approval.

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