Instructions for handling in Inbound Data received from US under FATCA for F. Y. 2014

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....F. No. DIT(I&CI)/DEL/FATCA/253/2015-16/285 dated 06.01.2016 on the above mentioned subject. 2. In this regard, the undersigned is directed to enclose a note regarding the roles of the DIT(I&CI), New Delhi as Nodal Officer and of the other DsIT(I&CI) w.r.t. Inbound Data under FATCA/CRS before roll out of ITBA for information and necessary action. 3. The undersigned is further directed to convey that Member(Inv.), CBDT desires to review the matter in the last week of February, 2016. 4. This issues with the approval of the Member(Inv.), CBDT. Yours faithfully, (Rajat Mittal) Under Secretary(Inv. V), CBDT Encl : as above. ANNEXURE i. The role of DIT (I & CI) New Delhi as Nodal Officer w.r.t. Inbound Data under FATCA/ ....

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....A is not filled iii) ROI filed, schedule FA filled but the assets/account not disclosed iv) ROI filed, schedule FA filled, assets/account disclosed but the quantum of interest income declared is less Non-PAN Cases 8. The non-PAN data with payments received of 4,000 USD and more shall also be considered for further verification. 9. Thus, the data available with the Nodal Officer would contain the following category of cases- i) Actionable PAN cases ii) Non-actionable PAN cases where no mismatch found iii) Non-actionable PAN cases below 4000 USD iv) Actionable non-PAN cases above 4000 USD v) Non-Actionable non-PAN cases below 4000 USD. 10. The nodal O....

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.... case PAN is found repeat steps at SI. No. 5-7 as listed out in the role of the Nodal Officer to identify actionable cases. 4. Verification of actionable cases: To send query letter/questionnaire u/s 133(6)/131 to gather details regarding PAN, ROI alongwith FA schedule and explanation for not disclosing the foreign assets, etc. Take all necessary steps to ensure compliance. 5. Match the Information furnished with the contents of inbound data and prepare a comprehensive verification report where further action is required to be taken for assessment, recovery of demand, penalty and prosecution. 6. To forward the verification reports to the designated assessing officers to enable statutory action under the I....