Implementation of the Multilateral Competent Authority Agreement and Foreign Account Tax Compliance Act

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....t to the attention of all the intermediaries that India has joined the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information on June 3, 2015. In terms of the MCAA, all countries which are a signatory to the MCAA, are obliged to exchange a wide range of financial information after collecting the same from financial institutions in their country/jur....

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....Further, the Government of India has notified Rules 114F to 114H (herein after referred as "the Rules") under the Income Tax Rules, 1962 and form No. 61B for furnishing of statement of reportable account as specified in the Rules. The Rule is available at http ://www.incometaxindia.gov. in/communications/notification/notification %20no.%2062%20dated%2007-08-2015.pdf. 4. All registered i....