Where Do I Submit My FATCA and CRS Declarations?

You can submit your FATCA and CRS declaration either online or offline through your financial institutions, such as a mutual fund service centre, AMS, or bank. For example, Registrar and Transfer Agencies (RTAs) like CAMs offer the FATCA and CRS declarations.

What Happens If I Don't Comply With FATCA or CRS Requirements?

If you do not comply with FATCA or CRS requirements, your financial accounts get restricted, forzen or closed by the financial institutions. Additionally, it can lead to stating your account as "non-compliant" in front of the tax officials.

NRI Income Tax & Compliance

Difference Between FATCA and CRS Compliance

By Manish Prajapat |Last Updated: February 10, 2026

Difference Between FATCA and CRS Compliance

In today's interconnected world, to improve transparency and prevent tax evasion in global financial transactions, governments are increasing efforts. In this, the two major initiatives are designed, i.e., FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standards), to combat this. While both CRS and FATCA work towards achieving the same goals. However, they have different scopes, jurisdictions, and implementations.

Confused? This blog will explain the key differences between FATCA and CRS compliance and their impact on financial institutions. So read on and gather all the information.

Manish Prajapat(Tax Expert)

Mr Manish is a financial professional with over 10 years of experience in strategic financial planning, performance analysis, and compliance across different sectors, including Agriculture, Pharma, Manufacturing, & Oil and Gas. Mr Prajapati has a knack for managing financial accounts, driving business growth by optimizing cost efficiency and regulatory compliance. Additionally, he has expertise in developing financial models, preparing detailed cash flow statements, and closing the balance sheets.

Frequently Asked Questions

FATCA, or the Foreign Account Tax Compliance Act, is a tax compliance regime in the US that requires worldwide financial institutions to provide information about overseas financial accounts held by US taxpayers. Considering this, NRIs with US tax obligations also need to file FATCA self-declarations so their tax information through the Indian reporting system can be shared with the IRS.

CRS or Common Reporting Standard is a global standard developed by the OECD for automatic exchange of financial account information between tax officials in participating countries. CRS covers taxpayers of more than 90 countries globally, whereas FATCA only focuses on US taxpayers.

In India, generally, most financial institutions need account holder including NRIs, to file out a FATCA declaration form. This involves providing information like PAN number, nationality, address, place of birth, and tax residency.

The FATCA and CRS declaration generally required personal identification details of the account holders, such as their name, PAN card number, address, place/ country of birth, tax residence country, tax identification number (TIN), and nationality. Further, this information is used to maintain transparency and avoid tax evasion.

FATCA specifically applies to individuals who are taxpayers in the US, for instance, a US citizen, greencard holder, or a US tax resident, whereas CRS applies to all tax residents of the participating countries, including NRIs. Additionally, to comply with global reporting standards, non-US NRIs need to fill out the CRS declaration.

Difference Between FATCA and CRS Compliance

Frequently Asked Questions

What Is FATCA, and Why Do I Need to Comply With It?

What Is CRS, and How Is It Different From FATCA?

Who Must File a FATCA Self-Declaration in India?

What Information Is Collected Under FATCA & CRS Declarations?

Do FATCA and CRS Apply to All NRIs?

Difference Between FATCA and CRS Compliance

Frequently Asked Questions

What Is FATCA, and Why Do I Need to Comply With It?

What Is CRS, and How Is It Different From FATCA?

Who Must File a FATCA Self-Declaration in India?

What Information Is Collected Under FATCA & CRS Declarations?

Do FATCA and CRS Apply to All NRIs?