Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
The notification amends Income-tax Rules to expand reporting obligations for reporting financial institutions: it defines and treats depository accounts to include specified electronic money products and central bank digital currencies, introduces definitions for "central bank digital currencies", "specified electronic money product", "relevant crypto-asset" and "Qualified Non-Profit Entity", requires additional reporting fields (self certification, joint account indicators, account type, controlling-person roles), allows substitution of certain reported gross proceeds by Crypto Asset Reporting Framework reporting, and applies amended due diligence and transitional rules for accounts treated as financial accounts from 2026, with exchange of crypto-asset information limited to tax administration purposes.
The notification amends Income-tax Rules to expand reporting obligations for reporting financial institutions: it defines and treats depository accounts to include specified electronic money products and central bank digital currencies, introduces definitions for "central bank digital currencies", "specified electronic money product", "relevant crypto-asset" and "Qualified Non-Profit Entity", requires additional reporting fields (self certification, joint account indicators, account type, controlling-person roles), allows substitution of certain reported gross proceeds by Crypto Asset Reporting Framework reporting, and applies amended due diligence and transitional rules for accounts treated as financial accounts from 2026, with exchange of crypto-asset information limited to tax administration purposes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
