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USA-India FATCA Agreement update: Is India Preparing for FATCA compliance? The Budget 2014 proposes so.

  • 08 Aug 2014
  • Jigar Patel
  • FATCA, Investments in India, NRI Investments, NRI Taxation, RBI / FEMA / Other Updates - Analyzed, USA Compliance
  • 66 comments

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 […]

Comprehensive Analysis of FATCA (Foreign Account Tax Compliance Act) of USA for US based NRIs

  • 11 Mar 2014
  • Jigar Patel
  • FATCA, Income Tax, Investments in India, NRI Investments, NRI Taxation, RBI / FEMA / Other Updates - Analyzed, USA Compliance
  • 536 comments

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 […]

US-India FATCA Agreement 1: What to Expect from Bilateral FATCA agreement between the US and India

  • 23 Jul 2013
  • Jigar Patel
  • FATCA, Income Tax, Investments in India, NRI Investments, NRI Taxation, USA Compliance
  • 19 comments

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 […]

FBAR 3: Required Information for Compliance with FBAR (June 30 Deadline)

  • 13 Jun 2012
  • Jigar Patel
  • Investments in India, NRI Investments, NRI Taxation, USA Compliance, Wealth Management
  • 8 comments

FBAR Requirement: In simple terms, US Citizens and resident aliens (i.e. anyone filing Form 1040) are required to report Foreign Financial Accounts in FBAR form if Value of their Foreign Financial Accounts (FFA) (including bank, FD, shares, securities, mutual fund, cash value of life insurance, etc.) exceed $10,000 at any time […]

FBAR 2: Foreign Financial Accounts – Whether reportable?

  • 13 Jun 2012
  • Jigar Patel
  • Investments in India, NRI Investments, NRI Taxation, USA Compliance, Wealth Management
  • 69 comments

No. Foreign Financial Accounts ^ Reported in FBAR?^ Example* 1 Financial (deposit & custodial) accounts held at foreign financial institutions Yes Account with Indian Bank e.g. Kotak in India 2 Financial account held at a foreign branch of a U.S. financial institution Yes Account with US Bank e.g. Citi Bank in […]

FBAR 1: Understanding and Complying with FBAR (Reporting of Foreign Financial Accounts)

  • 13 Jun 2012
  • Jigar Patel
  • Investments in India, NRI Investments, NRI Taxation, USA Compliance, Wealth Management
  • No comment

Steps for FBAR Compliance: 1. List investments made in foreign countries and money in foreign accounts/investments 2. Determine which foreign financial accounts to be included for respective filing (FBAR 2) 3. Verify if FBAR is applicable based on filing status and reporting threshold (# 5, 6, 7) 4. Gather information required […]

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