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FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report information about those assets on Form 8938, which must be attached to the taxpayer's annual income tax return.
FATCA Compliance India It requires each country to report account holders to the other country. The purpose is to ensure that, for example, a U.S. person with foreign accounts in India is properly reporting their foreign accounts to the U.S. government with the IRS tax return.
Deemed Compliant Foreign Financial Institutions. These financial institutions are exempt from the FATCA withholding. The category includes a range of FFIs with low holdings, local banks, retirement plans and companies in countries with an intergovernmental agreement with the US (Model 1).
FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report information about those assets on Form 8938, which must be attached to the taxpayer's annual income tax return.
Exemption from FATCA only alleviates reporting requirements of foreign financial institutions. The IRS does not grant exemption to the individuals from reporting any non-U.S. retirement accounts on FBAR.
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Exemption from FATCA reporting code. These codes apply to persons submitting this form for accounts maintained outside of the United States by certain foreign financial institutions. Therefore, if you are only submitting this form for an account you hold in the United States, you may leave this field blank.
The Foreign Account Tax Compliance Act (FATCA) is tax information reporting regime, which requires Financial Institutions (FIs) to identify their U.S. accounts through enhanced due diligence reviews and report them periodically to the U.S. Internal Revenue Service (IRS) or in case of Inter-Governmental agreement(IGA), ...
FATCA compliance simply requires a declaration giving information such as your PAN details, country of birth, country of residence, Nationality, Occupation, Gross Annual Income, and details of whether you're a politically exposed person. It is a mandatory exercise for both Individual and Non-Individual Investors.
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.
Beneficial interest in a foreign trust or foreign estate is also exempt from FATCA reporting\u2014as long as you weren't aware of the interest before as a FATCA-exempt beneficial owner. (However, if you've received a distribution from the foreign trust or estate, the IRS won't accept a claim that you weren't aware.)

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