India notifies rules for FATCA and common reporting standard

The Indian Government on August 7 notified rules enabling information reporting under FATCA and the common reporting standard.

The Income–tax (11th Amendment) Rules, 2015 includes details on financial account information required to be maintained and reported by financial institutions, deadlines, and due diligence requirements.

India and US agreed to a Model 1 IGA for FATCA on July 9 and India signed on to the common reporting standard on June 3.

See:

• Notification

Related MNE tax articles:

• India, Australia, Canada, Costa Rica, Indonesia, and New Zealand sign OECD multilateral competent authority agreement

• US and India sign Model 1 FATCA IGA–MNE Tax