FATCA means Foreign Account Tax Compliance Act is a tax law endorsed by the USA (United States of America) government in 2010 as part of the Hiring Incentive to Restore Employment (HIRE).
The Government of India agreed to implement the FATCA in 31st August 2015.
As per the agreement between India and US, Indian tax officials require to obtain particular detail from US investors.
The GOI (Government of India) made it necessary for all NRI investors from the US to self-declare FATCA compliance via Form 61B, as per Rules 114H,114F of the Income Tax Act, 1962.
In mutual fund as well as any other financial transactions like NPS also you require to submit FATCA declarations with Financial Institutes or Banks.
In this article, I will guide you about CAMS FATCA online as well as FATCA KARVY declaration.
This law requires certain international financial institutions to report details of financial accounts held by US taxpayers to the IRS (Internal Revenue Service).
These institutions are also needed to report instances of tax evasion.
A financial institution is empowered to withhold tax if an individual does not obey with any document requirements.
CAMS and KARVY are 2 leading registrars and transfer company.
The main objective of these companies is to register and mandate a detail record of investor’s transaction on behalf of the MFH (Mutual Fund House).
Cams Fatca Online is a way via which an investor declares its investment outside the country.
In order to do so, one needs to
Download the below form for print, fill and submit at CAMS branch.
Note: Franklin Templeton option is unavailable.
Karvy Data Management Services (KDMS) is one of leaders in providing business and knowledge process services.
It mostly focuses on the delivery of the business related services through an innovative strategy.
Karvy provides two types of FATCA declaration form for download.
FATCA form for individual and non-individual (to verify regular KYC).
Download the below form for print, fill and submit at KFintech branch.
As of now, Online option is not available for submission of FATCA request.
You can send the hard copies of the filled and signed declarations along with PAN Card copy to the below KFintech address:
KFintech, Selenium Building, Tower B.
Unit – FATCA / CRS / UBO / Supplementary KYC.
Plot Nos. 31 & 32 | Financial District |Nanakramguda.
Serilingampally Mandal | Hyderabad – 500032 | India.
Source KARVY & CAMS
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