Government of India has signed the Inter Governmental Agreement (IGA) with the USA on July 9, 2015, for improving international tax compliance and implementing the Foreign Accounts Tax Compliance Act.The IGA provides that Indian Financial Institutions (FIs) will provide the necessary information about reportable Depositors to the Indian Tax Authorities, who will in turn transmit the same to the US Authorities. India has also signed the “OECD Model Competent Authority Agreement” for sharing of tax information in accordance with multilateral “Common Reporting Standard” (CRS) on June 3, 2015. These developments have resulted in compliance and reporting obligations on Financial Institutions including our Bank.
In this regard, all the required amendments to the Income Tax Rules have been made and Banks are required to furnish information regarding deposits held by U.S Reportable persons and other reportable persons to the Income Tax Department online, periodically. To comply with the reporting requirements certain additional information relating to tax residency has to be submitted by depositors maintaining reportable accounts including NRI customers, under the provisions of FATCA / CRS.
Foreign Account Tax Compliance Act (FATCA) & Common Reporting Standards (CRS) Declaration Form FOR INDIVIDUALS. Click here
Foreign Account Tax Compliance Act (FATCA) & Common Reporting Standards (CRS) Declaration Form FOR ENTITY/ULTIMATE BENEFICIAL OWNER/CONTROLLING PERSON. Click here