The Central Board of Direct Taxes (CBDT) has set 30 April 2017 as the deadline for account holders to provide self-certifications to financial institutions with respect to rule 114H(8) relating to the US Foreign Account Tax Compliance Act. [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”3″ ihc_mb_template=”2″ ]The CBDT had earlier extended this deadline to 31 August 2016. The authority has cautioned that if account holders do not provide self-certification by 30 April, their accounts will be blocked and financial institutions would prohibit them from effecting any transaction in respect of such accounts.
[/ihc-hide-content]
The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bengaluru, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
