Why did Zerodha send an email asking to update the Tax Identification Number (TIN)?
As per the CVLKRA circular
(PDF),
clients are required to provide the updated Foreign Account Tax Compliance Act (FATCA) declaration by 31st October 2024.
The Income Tax Department (ITD) has requested Zerodha to collect a valid Tax Identification Number (TIN) from clients who have submitted incorrect or invalid TINs. A valid TIN is required to comply with the reporting requirements set by the ITD and to avoid penalties.
To update the Tax Identification Number (TIN), follow these steps:
- Login to signup.zerodha.com/rekyc/fatca.
- Click on Continue with Kite.
- Enter the city of birth and select the country.
- Click on Yes under Do you have any other country of tax residence? 1
- Select the country under Other country of tax residence.
- Enter the Tax Identification Number. TINs for all countries can be found by visiting oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/.
- Select the income details, occupation and political exposure. To learn more about political exposure, see Who is a Politically Exposed Person (PEP) and why must they submit income proof to open an account with Zerodha?
- Enter the personal details.
- Tick the checkboxes to provide consent.
- Click on Continue.
Note
1 If your country does not issue a Tax Identification Number (TIN) or you are a seafarer, click No under Do you have any other country of tax residence? Then, proceed to submit the request.
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