Indian financial institutions going to report income information to IRS

An agreement with India will allow the US tax department IRS to seek information from the financial institutions operating in that country about their clients who are liable to pay tax in the US.

In a statement, the US Treasury Department said last night it has engaged with more than 50 countries and jurisdictions around the world to improve international tax compliance and to implement FATCA provisions.

Looks like this agreement has been signed with Indian Finance Minister in 2012. You will see Indian FI’s(Banks) reporting your income (some form of 1099 INT, 1099 B, 1099 DIV etc) to IRS.

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