The Central Board of Direct Taxes (CBDT) has notified the procedure for financial institutions to register and submit information under the Foreign Account Tax Compliance Act (FATCA), under which the US and India would get automatic exchange of information on tax evaders from September 30.
However, the procedures notified on August 25 came just ahead of the due date of filing information under FATCA by August 31.
The procedure says the reporting financial institutions will have to register with the Income-Tax department by logging in to e-filing site with log-in ID used to file online returns in general.
The financial institution is required to submit details on the screen. A reporting financial institution may register different registration information under different reporting financial institution categories.
Once the financial institution gets registered, it is required to submit the form 61 B or Nil Statement under e-file menu.
The rules for FATCA reporting under the India-US Inter-Government Agreement had already been notified earlier this month. India had signed FATCA with the United States as part of larger efforts to tackle the menace of tax evasion.
