New Delhi, Dec.31 (ANI): India and the United States accept active an inter-governmental acceding for accomplishing of the Foreign Account Tax Acquiescence Act (FATCA).
A Central Board of Direct Taxes (CBDT) absolution issued on Thursday said that the Government of India has additionally aing the Multilateral Competent Authority Acceding (MCAA) for Automatic Exchange of Advice as per Common Advertisement Standard (CRS).
The absolution added states that for accomplishing of FATCA and CRS, all-important aldermanic changes accept been fabricated in the Income-tax Act, 1961 and Income-tax Rules, 1962.
Rules 114F, 114G and 114H and Form 61B accept been amid to accommodate acknowledged base for the Advertisement Financial Institutions (RFIs) for advancement and advertisement advice about the Reportable Accounts.
The advice agenda was appear on August 31, 2015 for ensuring acquiescence with the advertisement requirements provided in Rules 114F to 114H and Form 61B of the Income-tax Rules, 1962.
Based on comments and acknowledgment received, this Advice Agenda has been adapted on December 31, 2015. The aforementioned has been placed on the Income-tax website http://www.incometaxindia.gov.in. (ANI)
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