What is FATCA Declaration?

FATCA stands for the Foreign Account Tax Compliance Act, a legislation to help counter tax evasion in the US. FATCA enables automatic exchange of financial information between India and the US. Indian financial institutions have to provide necessary information to Indian tax authorities, which will then be transmitted to the US. FATCA Declaration is a mandatory exercise for both Individual and Non-Individual Investors. If you have been paying taxes in any country apart from India, you need to provide the tax identification number of that country also. Read more
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