If you are a mutual fund investor, you must be getting messages from your distributor or fund house, requesting you to be FATCA compliant before the deadline of April 30.
What is FATCA?
FATCA, or the Foreign Account Tax Compliance Act, is a US tax initiative that requires all financial institutions, including Indian mutual funds, to re port financial transactions of US persons, or entities in which US persons hold a substantial ownership, to relevant tax authorities.The purpose of FATCA is to encourage better tax compliance by preventing US citizens from using financial institutions outside their home country to avoid domestic taxation laws.
