What is a FATCA self certification form?

FATCA: The Foreign Account Tax Compliance Act (FATCA) requires financial institutions to implement enhanced customer due diligence processes with the goal of identifying U.S. Persons. CRS requires that all clients complete a new Self-Certification form to document the client’s country of tax residency.

How do I fill myself a FATCA CRS declaration form?

Online Submission of FATCA Self-Certification

  1. Log-in to your NPS account (please visit www.cra-nsdl.com)
  2. Click on sub menu “FATCA Self-Certification” under the main menu “Transaction”
  3. Submit the required details under “FATCA/CRS Declaration Form”
  4. Click on “Submit”

Who needs to fill FATCA form?

As per the inter-government agreement, Indian tax officials need to obtain specific information from US investors. To achieve this, the Indian government made it mandatory for all NRI investors from the US to self-declare FATCA compliance through Form 61B, as per Rules 114F and 114H of the Income Tax Rules, 1962.

What is a tax self certification form?

If a customer opens a new account, invests in a new product, or has a change in circumstances which may make them tax resident in a Participating Country, we may write to them asking them to complete a Tax residency Self –Certification form to confirm their place of residence for tax purposes.

Is FATCA mandatory for bank accounts?

As per a Finance ministry release issued on April 11, 2017, all accounts/Folios with mutual funds, opened between July 1, 2014 and August 31, 2015 , must be FATCA compliant by April 30th, 2017.

Why have I been sent a tax residency self-certification form?

Banks have to send a report every year to HMRC, giving details of any of their account holders who are registered for tax in another country. The purpose of this form is to find out whether your account needs to be included in their report.

What is a valid self-certification?

For a self-certification to be valid, however, it generally must contain the Account Holder’s (i) name, (ii) residence address, (iii) jurisdiction(s) of residence for tax purposes, (iv) tax identifying number for each Reportable Jurisdiction, and (v) date of birth.