I-T dept asks FIs to get accounts self-certified by April 30
The tax department today asked financial institutions (FIs) to get self-certification from account holders by April 30 to comply with FATCA provision and avoid blocking of accounts.
"The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts," the CBDT said in a statement. The Central Board of Direct Taxes also advised all financial institutions that all efforts should be made by them to obtain self-certification. India had entered into an agreement with the United States for implementation of the Foreign Accounts Tax Compliance Act with effect from August 31, 2015. In view of the difficulties faced by stakeholders, the tax department had indefinitely extended the deadline for complying with self-certification norms.