Tax Department Launches Web Portal for Exchange of Information
The web portal will be a repository of policy and technical circulars, guidance and notifications issued by the CBDT, and provide links to circulars issued by the regulatory and other international bodies.
Image for representation
New Delhi: 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.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Bigg Boss 13: When I Met Rashami She Was On Road With No Money, Says Arhaan Khan
- Steve Harvey Goofed up Costume Winner at Miss Universe 2019 and Internet Had a Déjà Vu Moment
- Aamir Khan Shoots for Laal Singh Chaddha on Howrah Bridge
- Remember the Viral Hindu-Muslim Same-Sex Couple? Here's How They Fought 'TikTok's Homophobia'
- Nike Joyride Dual Run Review: The Running Shoe Revolution is Truly Underway