The income tax department has launched a web portal for the exchange of information. The portal will provide information, including about procedures, related to automatic exchange of information (AEOI) under common reporting standard (CRS).
India commits to exchange financial account information automatically from 2017 under the CRS on AEOI. The portal would, among other things, exchange information reported annually by financial institutions.
The web portal would also be a repository of policy and technical circulars, guidance and notifications issued by the Central Board of Direct Taxes (CBDT), and 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 enable the foreign tax authorities and financial institutions to get information about the Indian laws, rules and procedures related to AEOI under CRS.
India put the necessary domestic legal framework to implement the automatic exchange of information (AEOI) standard in 2015.
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I am a Chartered Accountant by profession. I specialise in personal taxes and corporate income tax matters. I am an avid reader and track developments in financial markets, economy and other market developments.