India Tax Agency Clarifies FATCA Reporting Requirements FAQs

The Indian Central Board of Direct Taxes Jan. 31 issued FAQs clarifying the reporting requirements for financial institutions under the U.S. Foreign Account Tax Compliance Act (FATCA). The FAQs deal with situations where a financial institution doesn’t report the U.S. taxpayer identification number (TIN). The clarification includes: 1) a list of codes defining reasons a TIN wasn’t reported; 2) the option for financial institutions to select AAAAAAAAA or 000000000 if their reason isn’t listed with a code; 3) that the system will show an error and provide 120 days to correct noncompliance and obtain a TIN; and 4) a request ...