Foreign Account Tax Compliance Act (FATCA) Reporting by reporting entities in India
1. United States of America & India have entered into FATCA Non tax treaty for for disclosure of foreign assets of United States of America residents located outside United States of America .
2. Internal Revenue Service (IRS) of United States of America has been permitted to take reports annually from Indian banks and foreign banks located in India against bank accounts maintained by tax resident of United States of America like maximum outstanding balance in account in calendar year (December 31) in India.
3. Reporting Indian banks are required to send Foreign Account Tax Compliance Act - FATCA letters to customers located in India for knowing about their assets, bank accounts, citizenship and residential status.
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