Automatic exchange of financial account information: intermediaries must perform due diligence and report specified accounts under new tax rules. India's accession to the Multilateral Competent Authority Agreement and the FATCA agreement with the United States has led to amendments in tax law and the notification of rules and Form 61B obliging financial institutions to conduct due diligence and report specified information on reportable accounts to Indian tax authorities for exchange; intermediaries must ensure compliance and stock exchanges and depositories must notify and disseminate the requirements.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Automatic exchange of financial account information: intermediaries must perform due diligence and report specified accounts under new tax rules.
India's accession to the Multilateral Competent Authority Agreement and the FATCA agreement with the United States has led to amendments in tax law and the notification of rules and Form 61B obliging financial institutions to conduct due diligence and report specified information on reportable accounts to Indian tax authorities for exchange; intermediaries must ensure compliance and stock exchanges and depositories must notify and disseminate the requirements.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
