FATCA – What is it and Who in India Required to File Form 61B ?- Part 1

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The new information exchange regime – FATCA or Foreign Account Tax Compliance Act – which is almost exclusively for the benefit of Uncle SAM ( It should be noted that udner Agreement India will also get information from USA about Indians having income sourced in USA) is reality and now -firms, AOP or companies or Non-Banking Financial Companies , Trust , Mutual Fund companies, insurance companies -are responsible for filing an annual return with Income Tax Department which will handover the information to their counterpart i.e Internal Revenue Service. A series of posts will be published over coming weeks to cover all topics related to this new responsibility on shoulders of Indians.

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