FATCA and CRS reporting for reportable accounts is governed by...

FATCA and CRS reporting for reportable accounts is governed by section 508 of the Income-tax Act, 2025, Rules 238 to 240 of the Income-tax Rules, 2026, and Form 166. Registered intermediaries that qualify as reporting financial institutions must comply with the revised rules. Registered intermediaries must integrate reporting and due diligence into client onboarding and KYC, maintain required information, and update systems to capture self-certification validity indicators, controlling-person roles, account classifications and mandatory Form 166 XML fields. Missing fields cause portal validation errors. Intermediaries must upload client FATCA and CRS certifications to KYC Registration Agency systems and bear sole responsibility for obtaining and reporting certifications and related compliance.