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All financial institutions to get the accounts self-certified by April 30: I-T Department
April 17, 2017
- The Income Tax department has asked the self-certification for financial institutions from account holders by April 30 in accordance with FATCA provision and to avoid account blocking.
- This step by the income tax department in a consequence of India entering into an agreement with the United States for implementation of the Foreign Accounts Tax Compliance Act (FATCA) with effect from August 31, 2015, and for this to be in effect, the financial institutions should be ready as soon as they can.
- FATCA is meant to allow the automatic exchange of financial information between India and the United States.
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