CBDT launches web portal for exchange of information

The Central Board of direct taxes on 22nd November 2019, has launched an exchange of information portal for dissemination information to all stakeholders. The web portal will be a repository of policy and technical circulars, guidance and notifications issued by CBDT and will also provide links to relevant circulars and guidance issued by the Indian authorities and 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 Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI).

To implement the AEOI standard, necessary domestic legal framework was put in place in 2015.  A comprehensive Guidance Note was released on 31st August 2015 to provide guidance to the financial institutions, sectoral regulators and officers of the Income Tax Department for ensuring compliance with the reporting requirements under the Income-tax Act and Rules. The sectoral regulators have also issued necessary notifications and circulars for compliance by the financial institutions.

Click here to read the Notification.