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News INCOME TAX

  • Aug 10, 2015
  • FinMin notifies rules on foreign account tax Act

    The Finance Ministry has come up with rules for information reporting under the Foreign Account Tax Compliance Act (FATCA), spelling out the timelines that the entities have to comply with the new requirements.The new rules are significant as these also provide reporting timelines for OECD’s Common Reporting Standard (CRS), which India signed on June 3 this year.CRS sets out a standard basis for automatic tax information exchange between member countries (OECD and G20) through respective bilateral tax treaties.India is among the few countries that have adopted a common approach for implementation of FATCA and CRS. Most advanced countries have first adopted FATCA and are now adopting CRS.