What is a FATCA declaration?

FATCA compliance simply requires a declaration giving information such as your PAN details, country of birth, country of residence, Nationality, Occupation, Gross Annual Income, and details of whether you’re a politically exposed person. It is a mandatory exercise for both Individual and Non-Individual Investors.

What is FATCA in simple terms?

The Foreign Account Tax Compliance Act (FATCA) is a tax law that compels U.S. citizens at home and abroad to file annual reports on any foreign account holdings.

Where do I find my FATCA details?

Log-in to your NPS account (please visit www.cra-nsdl.com) Click on sub menu “FATCA Self-Certification” under the main menu “Transaction” Submit the required details under “FATCA/CRS Declaration Form” Click on “Submit”

What is reportable under FATCA?

‘Reportable accounts’ are ‘financial accounts’ maintained by the FI where the ‘account holder’ is either a UK specified person (essentially a UK resident individual, partnership or unlisted company) or is a non-UK entity the ‘controlling persons’ of which include one or more UK specified persons.

Is FATCA declaration mandatory?

Reporting of all financial accounts is mandatory under the CRS, while it is not compulsory for FATCA. FATCA concerns only people living in the USA and has a limit that exempts US taxpayers with an aggregate value of foreign financial assets less than $50,000.

What is FATCA declaration in NPS?

The Foreign Account Tax Compliance Act or FATCA is a tax law introduced in the US to curb tax evasion and increase transparency between countries with respect to US taxpayers’ income from foreign countries.

Is FATCA applicable to individuals?

While FATCA is only for US persons, CRS is applicable for citizens of every registered country.

Who is exempt from FATCA?

You are not a married person filing a joint income tax return and the total value of your specified foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year.

Why is FATCA declaration required?

The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires United States persons, including US persons who live outside the United States, to report their financial accounts held outside of the United States, and requires foreign financial institutions to report to the Internal Revenue …