Fatca

[desiwarrenbuffet]

I have received a email from ILFS securities services ltd regarding individual self certification for the purpose of section 285BA of income tax act.
They have also mentioned if they don't receive the certification by 31 Aug,the account will be closed.
They have mentioned that specifically this form has to be submitted by those who have opened their account between 1 July 14 & 31 Aug 15.

Does any of the forum members have received this email

 

[niftygupshup]

I think, this is applicable for mutual fund holders.

 

[Newbie Day-Trader]

I've also received such an e-mail a few minutes ago. I'm not sure what we're supposed to do about it either.

 

[Smart_trade]

Foreign Account Tax Compliance Act [FATCA] . It is a form to be filled in giving our details if we are taxpayers in any other country other than India giving Tax No etc in that country.

All financial entities will ask for this information soon.

Smart_trade

 

[Newbie Day-Trader]

Foreign Account Tax Compliance Act [FATCA] . It is a form to be filled in giving our details if we are taxpayers in any other country other than India giving Tax No etc in that country.

All financial entities will ask for this information soon.

Smart_trade

Pardon my naivety but are we supposed to fill up & send it even if we're NOT taxpayers in any other country other than India?

 

[desiwarrenbuffet]

Pardon my naivety but are we supposed to fill up & send it even if we're NOT taxpayers in any other country other than India?

If we are not taxpayers,in any other country why we have to fill up & send.They could have given us the option if are or not.If we are then we have to compulsory send the form.
If we didn't send before 31 Aug,our account will be closed

 

[desiwarrenbuffet]

I think, this is applicable for mutual fund holders.

Iam not a mutual fund Holder.I have a trading account with Zerodha.

 

[niftygupshup]

Iam not a mutual fund Holder.I have a trading account with Zerodha.

I online filled in FATCA update (as an update for my KYC) in Mar 16, while applying for ELSS MF
However, I have not received any info from ILF&S (so far) though I have 2 accounts with Zerodha.

 

[Newbie Day-Trader]

If we are not taxpayers,in any other country why we have to fill up & send.They could have given us the option if are or not.If we are then we have to compulsory send the form.
If we didn't send before 31 Aug,our account will be closed

I agree but I would assume that even if we are not taxpayers in any other country, we would still have to send the form to let them know that we're not taxpayers in any other country.

I've stopped trading stocks anyway since I started trading stock-futures so I guess it wouldn't even matter to me if they closed it but still......

Iam not a mutual fund Holder.I have a trading account with Zerodha.

Same with me.

 

[waqas mirza]

For FATCA generally a checklist is required to be filled by the account holder in which certain questions are asked from the accountholder. the purpose of those question is to establish that the respondent is US national or green card holder ?. if you are not US national you have to do nothing just mention the facts straight by answering the question. if you are a US national then you have to provide W9 form of IRS.