Income Tax dept launches web portal for exchange of information

The tax department has launched a portal that will provide information, including about procedures, related to automatic exchange of information under common reporting standard.

Central Board of Direct Taxes (CBDT) 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 annually by financial institutions 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 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 help the foreign tax authorities and financial institutions to get information about the Indian laws, rules and procedures related to AEOI under CRS," the release said.

To implement the Automatic Exchange of Information (AEOI) standard, necessary domestic legal framework was put in place in 2015. #casansaar (Source - PTI, LiveMint)