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CBDT, Foreign Tax Tax Research Division has issued vide F. No. 500/34/2019-FTTR-III(Pt.)/1 dated July 26, 2023 issued clarification in respect of Rule 114F (5) of the Income Tax Rules, 1962. India has signed the Multilateral Competent Authority Agreement (MCAA) for exchanging information automatically under the Common Reporting Standard (CRS) on June 03, 2015. The Central Board of Direct Taxes (CBDT) has issued guidance from time to time to provide clarifications, inter alia, in respect o
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FAQ :
The CBDT's clarification aims to provide guidance on the reporting of financial accounts under Rule 114F(5) of the Income Tax Rules, 1962, specifically for accounts other than U.S. reportable accounts under the Common Reporting Standard (CRS).
A Treaty Qualified Retirement Fund will not be treated as a non-reporting financial institution for maintaining and reporting information on reportable accounts, except for U.S. reportable accounts.
A non-public fund of the armed forces will not be treated as a financial institution for any reportable account other than a U.S. reportable account.
Gratuity funds managed by entities that are not financial institutions will be treated as passive non-financial entities. However, if a gratuity fund qualifies as a managed investment entity, it will be considered a Financial Institution and a Reporting Financial Institution for CRS reporting.
Accounts held in gratuity funds are considered excluded accounts if they meet the conditions for retirement or pension accounts, or certain withdrawal conditions, as specified in the Income Tax Rules.
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