Provisions of Foreign Account Tax Compliance Act - General Economics & Indian Economy

Q.  Consider the following statements about Foreign Account Tax Compliance Act (FATCA)

1. It was created for the purpose of detecting the non-U.S. financial accounts of U.S. domestic taxpayers.
2. India signed FATCA so Indian government will directly share information with the US authorities.
3.The US revenue authorities will in turn provide similar information about Indian account holders in the United States.

Which of the above statements are true?
- Published on 10 Jul 15

a. 1,2
b. 2,3
c. 1,3
d. All

ANSWER: All

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