The tax deptt has launched a new portal that will provide info. related to automatic exchange of information under common reporting standard ncluding about procedures.
CBDT (Central Board of Direct Taxes) Chairman P C Mody inaugurated the web portal on Income Tax website.
India is committed to exchange financial account information automatically from 2017 under the Common Reporting Standard (CRS) on AEOI, the CBDT said in a release.
Information is reported by financial institutions annually which are then exchanged by India under the standard.
The web portal will be a repository of policy and technical circulars, guidance and notifications issued by the Central Board of Direct Taxes. Web portal provide links to relevant circulars and guidance issued by the regulatory authorities and other international bodies.
“The portal would not only be useful for the domestic financial institutions but will also help the foreign tax authorities and financial institutions to get information about the Indian laws, rules and procedures related to Automatic Exchange of Information under CRS,” the release said.
To implement the AEOI (Automatic Exchange of Information) standard, necessary domestic legal framework was put in place in 2015. PTI