GENERAL KNOWLEDGE

Detailed explanation-1: -Inter Government A between India and US under FATCA The IGA between India and USA was signed on 9 July, 2015.It provides that the Indian FIs will provide necessary information to the Indian tax authorities, which will then be transmitted to USA periodically.

Detailed explanation-2: -It presents foreign financial institutions with a chance to improve and streamline their tax reporting process. It also gives them visibility in the foreign country and gains the trust of investors. To accommodate FATCA, the government had inserted Rules 114F to 114H and Form 61B in the Income Tax Act in 2014.

Detailed explanation-3: -CRS is the global standard for the exchange of Financial Account information. Over 100 jurisdictions globally have signed up to CRS, including all EU Member States. CRS within the EU is called DAC 2. While FATCA is a bilateral agreement with the United States. Ireland has signed up to both CRS and FATCA.