FATCA Current Affairs, GK & News

Central Board of Direct Taxes (CBDT) notifies changes in I-T rules to comply with FATCA pact

The Central Board of Direct Taxes (CBDT) has amended income tax rules to provide reporting of information with regards to financial assets and accounts to comply with Foreign Account Tax Compliance Act (FATCA) pact signed between India and US in 9 July 2015. As per notification: The financial Institutions should maintained information of the each individual in Financial ..

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India, US ink inter-governmental agreement to implement FATCA

India and United States have signed inter-governmental agreement to implement the Foreign Account Tax Compliance Act (FATCA). It was signed by Revenue Secretary Shaktikanta Das and US Ambassador to India Richard Verma in New Delhi. The agreement will promote transparency on tax matters and curb offshore tax evasion by exchange of information between the two ..

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