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Clarifications for implementation of FATCA and CRS

Income Tax - F. No. 504/632/2015-FT & TR-III(1) - Dated:- 26-5-2016 - F. No. 504/632/2015-FT & TR-III(1) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (Foreign Tax & Tax Research Division) Dated 26th May, 2016 Subject: -reg Pursuant to the consultations held with Financial Institutions (FIs) regarding implementation of FATCA and CRS, the following clarifications are issued. Obtaining Self-Certification 2.1 Financial institutions are in the pr .....

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ternet Banking platform from the user account where the customer has transaction rights. Tax Identification Number (TIN) 3.1 Several queries have been received on TIN. It is again clarified that TIN is not required to be collected by the Fis if TIN (including its functional equivalent) is not issued by the relevant country or territory outside India in which the person is resident for tax purposes. 3.2 It is also clarified that TIN is not required to be collected by the FIs even from a person (r .....

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