India and US join hands to enhance effectiveness of information exchange and transparency

Posted on:16 Jan 2018 14:51:36
India and US join hands to enhance effectiveness of information exchange and transparency
16 January 2018 Current Affairs: To enhance the effectiveness of information exchange and transparency, India and United States of America (USA) signed the Inter-Governmental Agreement (IGA) under FATCA in 2015.

The Notably, the two countries are committed to establishing, by January 1, 2017, rules requiring their Reporting Financial Institutions (RFID) to obtain the Tax Identity Number (TIN) of each reportable person having a reportable account as of June 30, 2014 (pre-existing account).

The Income-tax Rules, accordingly, provide for reporting of U.S. TIN from the year 2017 onwards in respect of any pre-existing account.

The US-IRS has issued guidelines through Notice 2017-46 dated 25.09.2017 providing relaxation to Foreign Financial Institutions (FFIs) with respect to reporting of U.S.TIN for calendar years 2017, 2018 and 2019.
To enhance the effectiveness of information exchange and transparency, India and United States of America (USA) signed the Inter-Governmental Agreement (IGA) under FATCA in 2015.

The Notably, the two countries are committed to establishing, by January 1, 2017, rules requiring their Reporting Financial Institutions (RFID) to obtain the Tax Identity Number (TIN) of each reportable person having a reportable account as of June 30, 2014 (pre-existing account).

The Income-tax Rules, accordingly, provide for reporting of U.S. TIN from the year 2017 onwards in respect of any pre-existing account.

The US-IRS has issued guidelines through Notice 2017-46 dated 25.09.2017 providing relaxation to Foreign Financial Institutions (FFIs) with respect to reporting of U.S.TIN for calendar years 2017, 2018 and 2019.

Daily Current Affairs Videos Video Link
25th March 2019 Current Affairs Video
23rd March 2019 Current Affairs Video
22nd March 2019 Current Affairs Video
21st March 2019 Current Affairs Video
20th March 2019 Current Affairs Video
Watch more Current Affairs Videos

Monthly Current Affairs

Fresherslive telegram Group

Current Affairs Section

Daily Current Affairs Quiz


Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs Weekly PDF

Current Affairs Monthly PDF

Current Affairs Quiz

Current Affairs Monthly PDF Hindi

Currentt Affairs 2019 March

25 MARCH
NEWS
24 MARCH
NEWS
23 MARCH
NEWS
22 MARCH
NEWS

Currentt Affairs 2019 February

28 FEBRUARY
NEWS
27 FEBRUARY
NEWS
26 FEBRUARY
NEWS
25 FEBRUARY
NEWS

Currentt Affairs 2019 January

31 JANUARY
NEWS
30 JANUARY
NEWS
29 JANUARY
NEWS
28 JANUARY
NEWS