Indian Bank : FACTA declaration


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nayadesi   
Member since: Aug 16
Posts: 13
Location:

Post ID: #PID Posted on: 06-12-16 22:28:25

FATCA has become mandatory, They are asking for SIN number, now. Received email from SBI. What to do? Can any one please guide? If I do not provide prior to Dec 31 2016, details will be provided to CBDT of India. Please help?



Fido   
Member since: Aug 06
Posts: 5286
Location: Canada

Post ID: #PID Posted on: 07-12-16 10:50:50

We will cross the bridge when we reach it.

I did not submit the FACTA declaration to the Bank which asked for it till now and after a few follow ups, they have stopped sending me any emails.

I am not supplying any additional information to them till I visit India next OR they serve some kind of an ultimatum.

Providing details to CBDT -let them go ahead and do it as India has a dual treaty with Canada and whatever I am earning here , I am paying taxes on that - I am certainly not merging the 2 accounts till both the Govts make it mandatory.


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Fido.


RBO   
Member since: Aug 06
Posts: 1761
Location: Mississauaga

Post ID: #PID Posted on: 07-12-16 11:57:52

OFF TOPIC :

Recently I got request from ICICI bank to update PAN card information to issue a TDS certificate...It is a joint NRO/NRE account. Cross the fingers hope not getting all additional request from the bank...

see Below e-mail copy:

Dear Customer,

Greetings from ICICI Bank NRI Services India.

As new notifications, circulars and guidelines get issued by statutory authorities, we endeavour to provide timely updates in order to enable you, to benefit from the information and make changes to your Banking as and when required.

We would like to bring to your notice that as per the circular issued by Central Board of Direct Taxes dated May 13, 2011 all Banks will be required to issue TDS certificates (Form 16A) only through TRACES (TDS Reconciliation Analysis and Correction Enabling System) website of Income Tax Department with effect from January 1, 2013.

Please note: TDS certificates will be issued only if the PAN details are updated with the Bank.

We would also like to bring to your notice that your PAN is not updated in our records. You are requested to immediately update your PAN details to ensure you receive the TDS certificate with appropriate TDS rates. You are also requested to update your latest contact details.

Please update your PAN and contact details in our records.

You can update your PAN in any one of the following ways:

• Log on to your Internet Banking account and Under Service Requests, click on Request for PAN Updations

• Visit the nearest ICICI Bank branch in India with a valid copy of your PAN Card to update your PAN details

• Send physical request letter with self attested copy of PAN card to ICICI Bank Limited, RPC NRI Cell 5th Floor - A Wing, Autumn Estate, Chandivali, Mumbai 400072, India

For your reference, we are pleased to attach your Interest & TDS details for your Cust ID 54XXXXXXX for the quarter July 1 to September 30, 2016

To open this file, you need Adobe Acrobat Reader. If you do not have Adobe Acrobat Reader, please visit the following link to download it: www.adobe.com/products/acrobat/readstep2.html.


• Add tdscertificate@icicibank.com to your white list / safe sender list by clicking here. Else, your mailbox filter or ISP (Internet Service Provider) may stop you from receiving your TDS Certificate.
For any clarification, please call our 24-hour Customer Care or visit www.icicibank.com/nri.
Sincerely,


ICICI Bank Limited
This is a system generated e-mail, please do not reply on this mail.



Full House   
Member since: Oct 12
Posts: 2676
Location:

Post ID: #PID Posted on: 07-12-16 23:45:17




We do not have any Pan Card nor any AAdhar card or any other card there in India. So, they are now trying to fish for S.I.N. Card.

Just give them my SIN Number. They don`t know the difference any way. And if they have a way of cross referencing the same, I will SUE them till they turn BLUE. They should not have any access to that file. (Or the system)

So, Give them any SIN Number that comes to your mind, if you don`t know mine.

FH.

---

Quote:
Originally posted by nayadesi

FATCA has become mandatory, They are asking for SIN number, now. Received email from SBI. What to do? Can any one please guide? If I do not provide prior to Dec 31 2016, details will be provided to CBDT of India. Please help?





Many   
Member since: May 13
Posts: 113
Location:

Post ID: #PID Posted on: 05-08-17 11:16:05

If I don't comply with the FATCA requirement (sent by my Indian bank); Can the Income-Tax guys stop my Refunds? Thus far I get refund for the TDS on my NRO deposits after I file Indian I-T returns.


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Many


pendse   
Member since: Jun 17
Posts: 118
Location:

Post ID: #PID Posted on: 05-08-17 14:45:43

Quote:
Originally posted by Many

If I don't comply with the FATCA requirement (sent by my Indian bank); Can the Income-Tax guys stop my Refunds? Thus far I get refund for the TDS on my NRO deposits after I file Indian I-T returns.



FATCA is mostly between US IRS ( Income Tax ) and Indian banks. So Canada CRA has nothing to do with it as of today.

Plus FATCS is between Indian bank's & US IRS, not Indian Income Tax dept. and US IRS. So your TDS IT refund won't be affected as it comes from Indian IT department, not Indian banks.

Indian banks & financial institutions are busy kissing US ass and appeasing them, and don't want to offend US otherwise they won't be able to operate in US and will lose lot of profits & business. Hence they are following FATCA.

The Indian banks are stupid, they just send a general automated computerised FATCA form to all NRO/NRE account guys, irrespective of which country they reside in. They should only be sending it to US citizens, US Green card holders & not NRI's in other foreign countries. So ignore the letter.

When they should only be sending it to US guys who have Indian accounts, not Canadian, UK, Australia or Dubai ow whatever guys.



Many   
Member since: May 13
Posts: 113
Location:

Post ID: #PID Posted on: 09-08-17 22:56:28

Thank you Pendse Saheb.


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Many




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