New Delhi: Bank customers who opened thier accounts between July 1, 2014 to August 31, 2015 must submit self-certification by April 30 to comply with FATCA (Foreign Account Tax Compliance Act) provisions. Otherwise, their accounts will be blocked, according to the Income Tax Department.
"The account holders are informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked," the I-T Department said. In other words, "the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts," it said.
India signed an agreement with the US In July 2015 for automated exchange of information between the two countries. This initiative is for improving the International Tax Compliance and implementing the Foreign Account Tax Compliance Act (FATCA). FATCA is a law that is aimed at ensuring that all individuals pay on income generated from their overseas investments.
In view of the difficulties faced by stakeholders; pic.twitter.com/CIlWs8N8jO
Account holders are informed that, in case self-certifications are not provided till 30.4.2017,A/Cs would be blocked : pic.twitter.com/YICvRHqfPm
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