Section 80C of Income Tax Act - 80C Deduction List

FATCA applies to all U.S. taxpayers, including citizens, residents, and non-resident aliens, who own overseas assets that exceed the reporting thresholds. Additionally, it affects Foreign Financial Institutions (FFIs) that deal with US taxpayers, asking them to report information about the US taxpayers to the IRS. 

Under FATCA, a US person can be a citizen, a resident, or a non-resident alien who fulfills specific criteria. It includes US corporations, partnerships, or trusts. Understanding your US or non-US status can be daunting, and if you are not sure about your status, it is ideal to consult with a tax professional. 

You should report your foreign financial assets on Form 8938 and attach it to your annual income tax return. Generally, it is due on the 15th of April; however, expats may be granted an extension under specific situations. 

Yes, FATCA is mandatory for US taxpayers who hold foreign financial assets beyond the specified threshold, which may vary depending on residential, marital, and filing status. FFIs (Foreign Financial Institutions) and overseas bank holding US taxpayer assets must also adhere to FATCA. 

You will automatically be exempt from reporting under FATCA if you are exempt from filing a US income tax return for the year. Exemptions can also include financial accounts maintained by a US payer, such as a foreign branch of a US financial institution, and specific interests in a foreign trust, estates, or a government-sponsored social insurance.