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of <h1>India Updates Tax Rules: New Due Diligence and Reporting Requirements for Financial Accounts Under FATCA.</h1> The Income-tax (11th Amendment) Rules, 2015, enacted by the Government of India, amends the Income-tax Rules, 1962, to incorporate new regulations concerning the registration, due diligence, and information maintenance for financial accounts. The amendment introduces definitions for various financial accounts and institutions, and outlines procedures for identifying and reporting reportable accounts, particularly those related to the U.S. Foreign Account Tax Compliance Act (FATCA). It specifies the due diligence requirements for financial institutions to identify reportable accounts, including pre-existing and new accounts, and mandates reporting to Indian tax authorities. The rules also detail the criteria for financial institutions to be categorized as non-reporting or non-participating.
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