India’s Income Tax Department today released guidance to help financial institutions comply with FATCA and the common reporting standard regarding account holder self-certification, collection of taxpayer identification numbers (TINs), and valuation of depository amounts.
The tax agency states that self-certification from account holders will now be permitted through a user’s online banking platform.
Also, TINs need not be collected if the relevant foreign country does not use TINs, the government said.
The government also clarified how value account balances of custodial accounts. Valuation of securities in held in custodial accounts may be done at the values regularly communicated by the depository to the depository participants or brokers, the guidance states.
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