If you are and you want to invest in India, understanding FATCA rules and complying with them is essential. So, let’s understand.
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If any citizen of the US invests internationally, like in India, the Act will assess whether the citizen is liable to pay tax in the US on such investments.
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Financial institutions that are registered under FATCA need to inform the US tax department of its citizens investing in India to check tax evasion.
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The Indian government has mandated Indian and NRI investors living in the US, to self-declare FATCA compliance making it easier for Indian and US authorities.
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To self-declare, mention your name, personal details, PAN number, gross income and foreign residential details, if applicable, etc. in the FATCA form.
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If any Indian and NRI investors living in the US fail to comply with FATCA norms, appropriate actions can be taken against their bank accounts, till compliance is done.
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Understand and fulfil FATCA norms for easy investing. IDFC FIRST Bank offers easy NRI Banking solutions to make FATCA compliance easy.