GOVERNMENT ISSUES UPDATED GUIDANCE NOTE ON FATCA, dated 30.11.2016

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GOVERNMENT ISSUES UPDATED GUIDANCE NOTE ON FATCA, dated 30.11.2016

PURPOSE OF THE GUIDANCE NOTE

This Guidance Note is for providing guidance to the Financial Institutions, Regulators and officers of the Income Tax Department for ensuring compliance with the reporting requirements provided in Rules 114F to 114H and Form 61B of the Income-tax Rules, 1962. The Guidance Note is intended to explain the reporting requirements of FATCA and CRS in a simple manner. Since a large part of the Rules is based on IGA between India-USA and the CRS on AEOI, the Financial Institutions may refer to the IGA and CRS along with its Commentary to get further understanding of the terms used. In this Guidance Note, reference to the CRS and Commentary has been made at appropriate places. All the stakeholders are requested to provide feedback and suggestions so that Guidance Note can be further updated as per evolving issues in the implementation of FATCA and CRS. An attempt has been made to discuss and describe the various provisions contained in the relevant Rules notified by the Government of India. In case of unlikely event of any inconsistency between the Rules and Guidance Note. Read more to download below file
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