CBDT rejigs panel to handle FATCA cases

The Central Board of Direct Taxes (CBDT) has rejigged a committee formed to secure confidential tax data and initiate a check on instances of undisclosed money as part of an exchange of information with US authorities under their Foreign Account Tax Compliance Act (FATCA).

Through an order issued days before the applicability of FATCA was signed by the two countries on July 9, the CBDT had increased the strength of the panel from seven to eight members. It had also replaced one of its members with an officer dealing with issues of international taxation in the CBDT.

An order issued in this regard said a joint secretary in the CBDT dealing with foreign tax issues had been added to the panel, while a commissioner of income tax rank officer had been replaced by an officer of the same rank. The committee is headed by the member (income tax) of the (CBDT) who is a special secretary-rank officer in the finance ministry.