Business NewsBank Accounts To Be Blocked If Not Self-Certified By April 30. What To Do
ADVERTISEMENT
Bank Accounts To Be Blocked If Not Self-Certified By April 30. What To Do
This applies to accounts opened between July 1, 2014 and August 31, 2015
Account holders need to submit self-certification with FATCA provisions
FATCA is aimed at ensuring individuals pay tax on overseas income
Mutual funds and other financial institutions had also asked customers to comply with the new norms.
People holding bank accounts opened between July 1, 2014 and August 31, 2015 need to submit self-certification by April 30 to comply with FATCA (Foreign Account Tax Compliance Act) provisions, without which the accounts would be blocked, the Income Tax Department said. "The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the f...
People holding bank accounts opened between July 1, 2014 and August 31, 2015 need to submit self-certification by April 30 to comply with FATCA (Foreign Account Tax Compliance Act) provisions, without which the accounts would be blocked, the Income Tax Department said. "The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts," the Central Board of Direct Taxes or CBDT said in a statement.
Account holders are informed that, in case self-certifications are not provided till 30.4.2017,A/Cs would be blocked : pic.twitter.com/YICvRHqfPm
â Income Tax India (@IncomeTaxIndia) April 11, 2017