Clarifications for implementation of FATCA and CRS

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..... ementation of FATCA and CRS-reg Pursuant to the consultations held with Financial Institutions (FIs) regarding implementation of FATCA and CRS, the following clarifications are issued. Obtaining Self-Certification 2.1 Financial institutions are in the process of carrying out the due diligence of financial accounts and obtaining self-certification from the account holders. Represen .....

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..... s also clarified that TIN is not required to be collected by the FIs even from a person (resident for tax purposes in a country or territory outside India ) who may be eligible to obtain a TIN (or the functional equivalent) in his country or territory of residence, but has not yet obtained a TIN. However, in this case, FIs may note down this fact and seek TIN from the person after he obtains the s .....

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..... ification No. 4 dated 06.04.2016 has been issued by the Principal Director General of Income Tax (Systems) which is available on the website of Income tax Department www.incometaxindia.gov.in. 5.2 The Systems Directorate has also released a User Manual for Registration, Upload View of Form 61 B which can be found on http://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Reg .....

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