How to fill FATCA NPS Self Declaration Form- Complete Guide

FATCA

All the employees covered under NPS are governed by the guidelines of PFRDA & NPS Trust. NPS Trust has now initiated due diligence process and desired to submit a self-certification (i.e.  FATCA /CRS Declaration) to NPS Trust regarding your status under income tax rule.
In the event of non-receipt of self-certification form by 30th April 2017, the NPS account(s) will be blocked and the transactions by the Subscriber in such blocked NPS accounts would be effected once the duly filled self-certification is obtained.

Several NPS subscribers received SMS on April 27 from NSDL stating – “As a regulatory requirement, submit FATCA self-certification for your PRAN to CRA, else account will be frozen. For more details visit www.npscra.nsdl.co.in

Later in the day subscribers also received a email from NPS communications.cra@nsdl.co.in on their registered email id with Subject: “Submission of FATCA Self-Certification Form for your PRAN under NPS”.

What is FATCA?

FATCA is Foreign Account Tax Compliance Act, a law enacted by USA in 2010. According to this law, any individual who is resident of USA (citizens or green card holders) or financially connected to the US or have any tax residency in US have to declare all their foreign income and investment details to US Tax Authorities. The law was enacted to prevent tax evasion through offshore investments by US residents.

India is signatory of the above law and hence all the financial entities like Banks, Insurance Companies, Mutual Funds, Brokerages, etc have to furnish their client information to the Indian Government, which in turn would share it with US Government. In case you have no income connection with USA, you are not impacted but still need to give the declaration.

NPS FATCA Declaration:

Only people who have opened NPS Account on or after July 1, 2014 are impacted.

But with tax incentive on NPS coming in 2014 there would lot of people who opened NPS account and would be impacted!

To comply subscribers would have to submit a self-certification (i.e. FATCA/CRS Declaration) to NPS Trust.

Step 1: You can download the NPS FATCA Self Declaration Format by clicking here  or from the email you received.

Step 2: Fill up the form (How to fill the form has been shown below) and send it to Central Recordkeeping Agency (CRA) for NPS at the following address:

NSDL e-Governance Infrastructure Limited,

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

Lower Parel, Mumbai – 400 013

Also mention Self-Certification – FATCA/CRS Declaration Form on the envelope

How to fill NPS FATCA Self Declaration Form?

The FATCA form is 3 pages forms divided in 4 parts.

Part I:

 FATCA

NPS FATCA Self Declaration Form – Part I

 

Part 1 Asks for following information:

Name of Subscriber:

Permanent Retirement Account Number (PRAN):

Date of Birth:

  1. Country of:
  2. a) Birth
  3. b) Citizenship
  4. c) Residence for Tax Purposes
  5. US Person (Yes / No)

In case the answer for 1 above Country of Birth, Citizenship and Residence for Tax Purposes is INDIA, you just need to move to Part 3 for signature.

Part 2:

In case the answer for any of the above is not India or US Person status is YES, you need to provide Tax Payer Identification Number (TIN) or functional equivalent as issued in the specific country in the table.

FATCA

NPS FATCA Self Declaration Form – Part II

Part III:

Part III just requires your name, signature and date and is to be filled by everyone.

FATCA

NPS FATCA Self Declaration Form – Part III

 

 

Part IV:

Fill this part only if you satisfy conditions below:

Name of the country in Part I is other than India and TIN or functional equivalent is not available, or

US person is mentioned as Yes in Part I, and TIN is not available

FATCA

NPS FATCA Self Declaration Form – Part IV

 

The subscribers would in this case have to provide any of the below mentioned as proof of citizenship and residency in India.

  • Passport
  • Election ID card
  • PAN Card
  • Driving License
  • UIDAI Letter
  • NREGA Job Card
  • Issued ID card

In case you require any clarification or assistance with respect to the above, please contact

Ms. Ranjana Chavan / Ms. Mamta Jadhav at 022-40904242.

2 Comments

  1. i am UAE resident, indian citizen. I want to submit the FATCA self declaration form. Please clarify following.
    PART 1 c. residence for tax purpose- Should I put UAE?
    PART4- Document of Proof- Can sumbit PAN or Passport copy?

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