New Delhi: The Central Board of Direct Taxes (CBDT) has issued a detailed guidance note for Indian crypto platforms and foreign exchanges operating in the country to explain in a simple manner the issues related to reporting taxes and transactions under the provisions of the Income Tax Rules, 2026. The guidance note reiterates that the primary compliance burden falls on Reporting Crypto-Asset Service Providers (RCASPs), not directly on individual investors. It further explains reporting mechanisms for entities transacting across different jurisdictions which have kicked in with the Union Budget introduced in February 2026. The Guidance Note is intended to explain the reporting obligations of Reporting Financial Institutions (RFIs) contained in the relevant Rules notified by the Government of India in a simple manner. Given that the Common Reporting Standard (CRS) is developed jointly by participating jurisdictions, including India, working with the OECD, the Commentary on CRS and other relevant materials have also been cited, so as to facilitate their reference by the RFIs, where so required, according to the CBDT statement. (IANS)
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