https://www.taxtmi.com/notifications?id=139284 The notification amends rule 114F(5) to substitute three clauses classifying as relevant for any U.S. reportable account: a financial institution with a local client base; a local bank; and a financial institution with only low value accounts. It also revises the Explanation in clause (D) to replace a generic reference to a foreign government with an explicit reference to the United States of America regarding benefits on income from sources within that jurisdiction. en-us Fri, 07 Oct 2022 00:00:00 +0530 Sat, 08 Oct 2022 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=139284 The notification amends rule 114F(5) to substitute three clauses classifying as relevant for any U.S. reportable account: a financial institution with a local client base; a local bank; and a financial institution with only low value accounts. It also revises the Explanation in clause (D) to replace a generic reference to a foreign government with an explicit reference to the United States of America regarding benefits on income from sources within that jurisdiction. Notifications Income Tax Fri, 07 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/notifications?id=139284