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of <h1>India Joins MCAA for Automatic Financial Data Exchange and Signs FATCA Agreement with USA to Share Tax Info.</h1> India has joined the Multilateral Competent Authority Agreement (MCAA) for the Automatic Exchange of Financial Account Information, obligating signatory countries to exchange financial data. Additionally, India and the USA signed an agreement to implement the Foreign Account Tax Compliance Act (FATCA), requiring Indian financial institutions to report U.S. account holders' tax information to the Indian government, which will then share it with the U.S. IRS. Legislative changes have been made to the Income-tax Act, 1961, and new rules have been notified. Intermediaries must ensure compliance, and stock exchanges and depositories must inform relevant parties.
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