Your CAMS / KFintech CAS statement explained for US tax
Not tax advice. This article explains a document. The tax treatment of what it shows should be reviewed by a qualified preparer.
What the CAS is
A Consolidated Account Statement (CAS) combines your mutual fund folios, across asset management companies, that are linked to your PAN. It is produced by India's two main mutual fund registrars, CAMS and KFintech.[1][2] A monthly CAS is typically emailed when there has been a transaction. You can also request one on demand for a period you choose.[2]
Which version to request
- Detailed, with transactions (not "summary"). A summary shows only balances, and US PFIC math needs every purchase and redemption.
- Period from your first investment to the end of the US tax year (December 31). A lot bought years ago still sets its holding period and basis.
- The PDF is password-protected. The password is the one you set when requesting it.
Fields that matter for US tax
| CAS field | Why it matters for Form 8621 |
|---|---|
| Scheme name, ISIN, folio | One Form 8621 is generally filed per PFIC (scheme). The ISIN identifies it consistently.[3] |
| Transaction date | Starts (purchase) or ends (redemption) each lot's holding period, which drives the §1291 daily allocation.[4] |
| Transaction type (Purchase, SIP, Redemption, Switch In/Out, STP, Dividend reinvest) | Switch-out and STP-out are redemptions of the source scheme. Reinvested IDCW (dividends) are distributions and also new lots. |
| Amount (INR), units, NAV | Basis and proceeds per lot, before USD conversion. |
| Stamp duty / STT / TDS lines | Small cost and withholding items. TDS may matter for foreign tax credit analysis (a preparer question). |
| Closing units and market value | Year-end value, used for Form 8621 Part I value and for Form 8938 / FBAR maximum-value work (separate filings).[3][5] |
Common pitfalls
- Indian financial year ≠ US tax year. Indian capital-gains statements run April–March. US returns use the calendar year, so don't reuse Indian capital-gains reports.
- Indian "average cost" ≠ US lot basis. The CAS shows average cost. §1291 works lot by lot, so rebuild the lots from transactions.[4]
- Demat holdings held through NSDL/CDSL may appear on a depository CAS instead, with less transaction detail.
- Segregated portfolios and merged schemes create transactions that look unusual and need care.
Privacy note
A CAS contains your PAN, email, folios and holdings. PFIC Ledger reads it inside your browser and does not upload it. You can verify this in your browser's DevTools Network tab (see Privacy). Whatever tool you use, prefer ones that don't require uploading the file.
Sources
- CAMS, Consolidated Account Statement: camsonline.com/Investors/Statements/Consolidated-Account-Statement
- Tata Mutual Fund, How to get a CAS of all mutual funds: tatamutualfund.com/blogs/how-get-consolidated-account-statement-all-mutual-funds (secondary, from an AMC)
- IRS, Instructions for Form 8621: irs.gov/instructions/i8621
- 26 U.S.C. §1291: law.cornell.edu/uscode/text/26/1291
- IRS, Comparison of Form 8938 and FBAR requirements: irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements
Disclaimer: This article was published by Ripplarity Inc (PFIC Ledger) for general information. It is not tax, legal or accounting advice. CAS layouts change, so check your own statement. Preparer review is required before filing.