Closure of financial accounts under Rule 114H (8) of the Income-Tax Rules, 1962 under alternative procedure of FATCA

Closure of financial accounts under Rule 114H (8) of the Income-Tax Rules, 1962 under alternative procedure of FATCA https://www.taxtmi.com/news?id=16565 Financial institutions must obtain self-certification and complete prescribed due diligence for accounts opened between 1 July 2014 and 31 August 2015 by 31 August 2016 or close and report any reportable account; owing to stakeholder difficulties, bilateral discussions seek an alternative allowing a short extension, and in the interim institutions need not close accounts by 31 August 2016 while they continue to complete due diligence and obtain self-certifications, with revised timelines to be notified. en-us Wed, 31 Aug 2016 14:27:01 +0530 Wed, 31 Aug 2016 14:27:01 +0530 TaxTMI RSS Generator Closure of financial accounts under Rule 114H (8) of the Income-Tax Rules, 1962 under alternative procedure of FATCA https://www.taxtmi.com/news?id=16565 Financial institutions must obtain self-certification and complete prescribed due diligence for accounts opened between 1 July 2014 and 31 August 2015 by 31 August 2016 or close and report any reportable account; owing to stakeholder difficulties, bilateral discussions seek an alternative allowing a short extension, and in the interim institutions need not close accounts by 31 August 2016 while they continue to complete due diligence and obtain self-certifications, with revised timelines to be notified. News - Wed, 31 Aug 2016 14:27:01 +0530 https://www.taxtmi.com/news?id=16565