Indian taxpayers with US ties must comply with FATCA and disclose global income and assets in ITR.
This infographic explains the impact of FATCA (Foreign Account Tax Compliance Act) on Indian taxpayers. Indian financial institutions must report accounts held by US persons. Indian residents with US connections must disclose global income and assets in Schedule FA of ITR. Non-compliance can lead to account restrictions, IRS scrutiny, and heavy penalties under the Black Money Act. Claim FTC and use DTAA to avoid double taxation.