IT Department Cracks Down On Banks & MFs Over FATCA Reporting Errors | Business News | ET Now The Income Tax Department has flagged major FATCA and CRS reporting gaps across banks, insurers and mutual funds, with missing Tax Identification Numbers accounting for 98% of reported defects. Authorities have warned of strict penalties in cases of deliberate non-compliance, as reporting errors trigger queries from foreign jurisdictions. The next big change could bring crypto assets under the reporting framework, widening the scope of global tax transparency. #incometaxdepartment #fatca #crsreporting #taxcompliance #mutualfunds #bankingnews #cryptotax #indiantax
Source: www.etnownews.com
