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India: Proposed penalties for late FATCA-CRS returns

India: Proposed penalties for late FATCA-CRS returns

The government in India in February 2018 introduced the Finance Bill 2018—containing a proposal to amend section 271F of the Income-tax Act that lists the penalties for the late filing of certain reports, including the FATCA-CRS (common reporting standard) return (Form 61B).

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Read a February 2018 report [PDF 72 KB] prepared by the KPMG member firm in India

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