The Central Board of Direct Taxes vide notification dated 7th October, 2022 has issued the Income-tax (Thirty Third Amendment) Rules, 2022. The amendment declares following institutions as non-reporting financial institutions:
(i) a financial institution with a local client base, in case of any U.S. reportable account;
(j) a local bank, in case of any U.S. reportable account;
(k) a financial institution with only low value accounts, in case of any U.S. reportable account;
These institutions are exempted from maintaining and reporting information about the Reportable Accounts.
