Financial institutions asked not to close MF, insurance accounts for non-compliance
In a major relief to mutual fund (MF) investors and those who have invested in insurance schemes, the Central Board of Direct Taxes (CBDT) has asked financial institutions not to close accounts that are not compliant with tax information sharing law FATCA (foreign account tax compliance act).
MF investments worth Rs 1.1 lakh crore are at the risk of either being frozen or closed for non-compliance of FATCA. Most of these investments are in equities. The deadline for furnishing infor ..
