Implementation Of The Multilateral Competent Authority Agreement And Foreign Account Tax Compliance Act

SEBI on August 26, 2015 released a notification on the captioned head. It informed the intermediaries that India has joined The Multilateral Competent Authority Agreement (MCCA). Further on July 09, 2015, the Governments of India and United States of America signed an agreement to improve international tax compliance and to implement the Foreign Account Tax Compliance Act (FATCA) in India. For implementation of the MCCA and agreement with USA, the Government of India has made necessary legislative changes to Section 285BA of the Income Tax Act, 1961. Further, the Government of India has notified Rules 114F to 11H under the Income Tax Rules, 1962. All registered intermediaries are advised to take necessary steps to ensure compliance with the requirements mentioned in the aforesaid rules.