FATCA

(Foreign Account Tax Compliance Act)

FATCA promotes cross border tax compliance by implementing an international standard for the automatic exchange of information related to US taxpayers. FATCA regulations require tax authorities obtain detailed account information for US taxpayers on an annual basis.

FATCA is intended to increase transparency for the Internal Revenue Service (IRS) with respect to US persons that may be investing and earning income through non-US institutions. While the primary goal is to gain information about US persons, FATCA imposes tax withholding where the applicable documentation and reporting requirements are not met.

 

FAQs:

1. Should I require to submit FATCA declaration if i have already submitted CKYC to Elite?

NO

2. I have trading, DP and commodity account with Elite, should I submit separate declarations?

No, Single declaration is sufficient.

3. I have already submitted FATCA declaration to another broker where I have Demat account or another account then I need to submit a separate declaration to elite?

Yes, you have to submit a separate declaration.

4. I have opened trading account in October 2012, should I submit the FATCA declaration?

No, we require FATCA declaration from clients registered from 1st July 2014 to 31st August 2015 on     or before April 30, 2017.

 

5. Last date:

April 30, 2017

 

6. What will happen if I will not submit the same?

Your account will be blocked.

 

7. I have received a mail from NSDL regarding submission of FATCA declaration for my NPS account to NSDL directly then separate declaration for Demat account is also required?

Yes

 

8. Is it applicable for mutual funds if yes what is the procedure?

Yes It is also applicable for mutual funds you can submit the same physically or electronically from below given links.

         Links: 

CAMS – http://www.camsonline.com/FATCA/COL_FATCAOnlineIndividualForm.aspx?amc=ALL

KARVY – https://www.karvymfs.com/karvy/fatca-kyc.aspx

SUNDARAM & BNP – https://www.sundarambnpparibasfs.in/web/service/fatca/

Templeton – https://online.franklintempletonindia.com/aspx_app/Investors/fatca/Inv_FatcaDetails.aspx​

 

9. Is it available at our website?

Yes, Format of FATCA declaration is also available at our website:

Link-   http://elitewealth.in/wp-content/uploads/2017/02/FATCA-CRS-Declaration.pdf

 

10. Can I submit the scan copy of the FATCA declaration through email?

Yes, you can submit the same by sending an email from your registered email id to customercare@elitewealth.in