Author Topic: Steps to Submit FATCA declaration for NPS to prevent it from getting Blocked?  (Read 9728 times)

Gaurav Rathore

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Steps to Submit FATCA declaration for NPS to prevent it from getting Blocked.



In case the answer for 1 above Country of Birth, Citizenship and Residence for Tax Purposes is INDIA, you just need to move to Part 3 for signature. This hopefully would cover majority of NPS subscribers.
« Last Edit: April 30, 2017, 10:12:17 AM by Gaurav Rathore »

Gaurav Rathore

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In case the answer for any of the above is not India or US Person status is YES, you need to provide Tax Payer Identification Number (TIN) or functional equivalent as issued in the specific country in the table.
« Last Edit: April 28, 2017, 04:02:51 PM by Gaurav Rathore »

Gaurav Rathore

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Part III just requires your name, signature and date and is to be filled by everyone.
« Last Edit: April 28, 2017, 04:04:24 PM by Gaurav Rathore »

Gaurav Rathore

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Fill this part only if you satisfy conditions below:

Name of the country in Part I is other than India and TIN or functional equivalent is not available, or

US person is mentioned as Yes in Part I, and TIN is not available





The subscribers would in this case have to provide any of the below mentioned as proof of citizenship and residency in India.

Passport
Election ID card
PAN Card
Driving License
UIDAI Letter
NREGA Job Card
Govt. Issued ID card
« Last Edit: April 28, 2017, 04:07:49 PM by Gaurav Rathore »

Gaurav Rathore

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FATCA is Foreign Account Tax Compliance Act, a law enacted by USA in 2010. According to this law, any individual who is resident of USA (citizens or green card holders) or financially connected to the US or have any tax residency in US have to declare all their foreign income and investment details to US Tax Authorities. The law was enacted to prevent tax evasion through offshore investments by US residents.

India is signatory of the above law and hence all the financial entities like Banks, Insurance Companies, Mutual Funds, Brokerages, etc have to furnish their client information to the Indian Government, which in turn would share it with US Government. In case you have no income connection with USA, you are not impacted but still need to give the declaration.

NPS FATCA Declaration:

Unfortunately PFRDA the regulator for NPS did not bother to inform its subscribers about the FATCA requirement until the very last minute. But regulations being regulations this is what we need to do.

Only people who have opened NPS Account on or after July 1, 2014 are impacted.
But with tax incentive on NPS coming in 2014 there would lot of people who opened NPS account and would be impacted!

Gaurav Rathore

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« Last Edit: April 28, 2017, 03:54:05 PM by Gaurav Rathore »

Gaurav Rathore

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Also mention Self-Certification FATCA/CRS Declaration Form on the envelope

In case the above filled self declaration NPS FATCA form is not received before April 30, 2017 the NPS account would be blocked. The account can be activated only after subscriber submits the above form.
« Last Edit: April 28, 2017, 03:58:26 PM by Gaurav Rathore »

Gaurav Rathore

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In case the answer for 1 above Country of Birth, Citizenship and Residence for Tax Purposes is INDIA, you just need to move to Part 3 for signature. This hopefully would cover majority of NPS subscribers.

aaarvind

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please provide postal address where it should be sent

KANG MR.SINGH

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GOOD JOB SIR...VERY GOOD

 

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