A FATCA (Foreign Account Tax Compliance Act) / CRS (Common Reporting Standard) declaration was prepared by financial institutions/ intermediaries to comply with the Central Board of Direct Taxes (CBDT) rules. After signing FATCA agreement with USA and Multilateral Competent Authority Agreement (MCAA) developed by the Organization for Economic Co-operation and Development […]
Sharing and Reporting of accounts and income has become a hot topic among NRIs and there is a lot of confusion about whether, when , which information, why, how India will share the information. India will soon be sharing the information of financial accounts and income generated in India but owned […]
Finance Budget (No.2) proposed many important changes related to NRI investments and taxation. One of the very important changes that has gone unnoticed by tax experts is that India is preparing to comply with FATCA (Foreign Account Tax Compliance Act ) of USA. While India has not yet signed the US-India […]
In a Historical turn of events, India has reached FATCA agreement in substance with the USA and has consented to be included in the list of jurisdictions that are treated as having a Inter-Governmental Agreement (IGA) under Model-1 with an effective date of April 11, 2014..…THIS IS HUGE….I have been telling […]
Since the Foreign Account Tax Compliance Act (FATCA) came out in 2010, US Government has already signed Bilateral Agreements with 9 countries until June 2013. The November 8, 2012 Press Release mentioned that the US is engaged with more than 50 countries (including India) to implement FATCA. After analyzing all 9 […]
FATCA Basics: The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, is an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore (out of USA) accounts. Under FATCA, 1. U.S. taxpayers holding financial assets outside the United States must report those assets to […]