Based on comments and feedback received, the Guidance Note for implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) updated

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..... Based on comments and feedback received, the Guidance Note for implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) updated
News and Press Release
Da .....

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..... ted:- 1-1-2016

An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Mul .....

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..... tilateral Competent Authority Agreement (MCAA) for Automatic Exchange of Information as per Common Reporting Standard (CRS). For implementation of FATCA and CRS, necessary legislative changes have b .....

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..... een made in the Income-tax Act, 1961 and Income-tax Rules, 1962. Rules 114F, 114G & 114H and Form 61B have been inserted to provide legal basis for the Reporting Financial Institutions (RFIs) for main .....

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..... taining and reporting information about the Reportable Accounts. A Guidance Note was released on 31st August 2015 for ensuring compliance with the reporting requirements provided in Rules 114F to 11 .....

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..... 4H and Form 61B of the Income-tax Rules, 1962. Based on comments and feedback received, this Guidance Note has been updated on 31st December 2015. The same has been placed on the Income-tax website ht .....

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..... tp://www.incometaxindia.gov.in.
News - Press release - PIB .....

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