Govt notifies changes in I-T rules to comply with FATCA pact

Last Updated: Sunday, August 9, 2015, 11:49

The Revenue Department has amended income tax rules to provide for reporting of information with regards to financial assets and accounts, a month after India signed a tax information sharing agreement with the US.

Govt taking effective steps to tackle black money: Sinha

Last Updated: Thursday, July 30, 2015, 19:43

The government on Thursday said it's taking effective steps to deal with black money and will focus on high-impact cases with a view to prosecuting offenders expeditiously for credible deterrence against tax evasion.

Blackmoney: CBDT rejigs committee to handle FATCA cases

Last Updated: Sunday, July 12, 2015, 13:42

Through an order issued days before FATCA was signed by the two countries on July 9, the CBDT has increased the strength of the panel from existing seven to eight members.

Black money: Declare overseas assets, will be difficult to hide, says govt

Last Updated: Thursday, July 9, 2015, 23:53

Armed with automatic information exchange pact with the US, government Thursday asked persons holding undisclosed offshore assets to declare them before September 30 as it would be difficult to hide unaccounted assets in future.

Info under FATCA confidential, to be used for tax purposes

Last Updated: Thursday, July 9, 2015, 22:34

The information shared under the FATCA, which India signed with the US Thursday, will be treated as confidential and will be used only for tax purposes.

Switzerland plans stringent norms to fight black money menace

Last Updated: Sunday, June 7, 2015, 18:50

The new Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOI Act) contains provisions on the organisation, the procedure, the judicial channels and the applicable criminal provisions.

India to sign tax agreement with US for sharing of info

Last Updated: Tuesday, March 17, 2015, 22:04

The agreement on the Foreign Account Compliance Act (FATCA) would also ensure that Indian corporates would not have to pay 30 per cent withholding tax on their US income.

India considering signing Inter-Governmental Agreement with US

Last Updated: Tuesday, March 17, 2015, 18:05

India is considering signing an agreement with the US to make Indian financial institutions complaint with Foreign Account Tax Compliance Act (FATCA), Minister of State for Finance Jayant Sinha informed Parliament Tuesday.

India to boost trade ties with US, commits to adopt FATCA soon

Last Updated: Thursday, February 12, 2015, 21:27

Committing to boost trade ties, India and the US on Thursday resolved to enhance cooperation, remove obstacles to investment flows and work towards early adoption of FATCA to facilitate automatic flow of tax information.

RRBs with assets less than $175 million not to register with FATCA

Last Updated: Wednesday, January 28, 2015, 22:10

The Reserve Bank has exempted Regional Rural Banks with assets less than USD 175 million to register with the US Internal Revenue System under FATCA.

FATCA leads MFs to avoid fresh investments from US investors

Last Updated: Sunday, January 11, 2015, 12:32

Stringent compliance requirements under the Foreign Account Tax Compliance Act of the US have led to several mutual fund houses avoiding fresh investments from American investors.

Financial institutions asked to register for FATCA by Dec 31

Last Updated: Tuesday, December 30, 2014, 22:56

All Indian financial institutions with exposure to the US will have to register by Wednesday with the American tax authorities to avoid a hefty penalty tax of up to 30 percent under the new Foreign Accounts Tax Compliance Act (FATCA).