Saturday, May 18News That Matters

30th April deadline for self-certification for your bank account (FATCA)

CBDT has issued statement that all bank accounts that were opened between July 1 2014 and August 31 2015 require submission of self-certification forms by 30th April 2017. If you do not submit it within time then the accounts will be blocked.

This self-certification is related to compliance with Foreign Account Tax Compliance Act (FATCA) provisions.

The transactions by the account holder in such blocked accounts may, thereafter, be permitted once the self-certification is obtained and due diligence completed.

Submitting the self-certification under FATCA is not complex. It does not require one to submit the Aadhaar card in order to comply with FATCA requirements.  See below the sample FATCA form for ICICI Bank.

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