Online FATCA self-certification – mandatory declaration for NPS Subscribers


(Last Updated On: January 18, 2019)

NPS subscribers who have registered on or after 1 July 2014 have to give a mandatory FATCA declaration online or offline.

 

FATCA refers to Foreign Account Tax Compliance Act. It is a US initiative which has also been entered into by Indian government. Under this agreement, the Indian government needs to give details of all US citizens holding prescribed securities and assets in India.

 

Why FATCA is important?

FATCA is of vital importance because it was previously communicated that non-submission of this self-declaration will result in blocking of NPS account. Although, later no accounts were actually blocked. But currently, if you do not file this declaration you will not be able to either

  • Make Contributions or
  • Make Withdrawals

From your NPS or PRAN account. The declaration is already effective for Mutual Funds etc.

 

Is it mandatory to file FATCA online?

It is always preferable to file the self-declaration online. Non-receipt of offline FATCA form timely by CRA (Central Recordkeeping Agency) can cause you problem in making withdrawals and depositing money in NPS or PRAN accounts.

 

Who is required to file offline FATCA?

Offline FATCA self-declaration should be filed if your

  • Birth Place
  • Citizenship
  • Place of residence

For purpose of taxation is other than India or is US (United States).


At which address FATCA form should be sent?

The physical form shall be sent either to the Nodal Office or CRA (Central Recordkeeping Agency) at

“ NSDL e-Governance Infrastructure Limited

1st Floor, Times Tower, Kamala Mills Compound, Senapati Bapat Marg,

Lower Parel, MUMBAI -400013″

 

From where I can get FATCA form to submit it offline?

For submitting the self-declaration offline the FATCA form can be downloaded from
https://npscra.nsdl.co.in/download/pdf/FATCA%20Self%20Declaration%20Format.pdf

 

What is the process to submit FATCA online?

You would be required to follow these steps for submitting FATCA online

  • Firstly you need to log-in to your NPS Account (www.cra-nsdl.com)
  • Now you would be required to click on sub menu “FATCA Self-Certification” under “Transaction” menu
  • Fill up the details under “FATCA/CRS Declaration Form”
  • Now click “SUBMIT”
  • Tick “Declaration & Authorization by all customers” after giving it a careful reading
  • Next click “Confirm”
  • Now enter the OTP as received on your registered mobile number
  • Once the Authentication through OTP is done, Acknowledgement for the completion of FATCA Self-Certification will be displayed.

If I am not a US citizen am I still required to file this declaration?

Even in the case, you are not a US citizen but just an Indian Citizen you are required to submit this declaration being NPS subscriber after 1 July 2014. It is the duty of Indian government to sort the submissions and further give the relevant details to US authorities as per agreement.

Author


Team Tax2Win