Web portal for exchange of information on Income Tax launched

The Central Board of Direct Taxes (CBDT) on Friday uncovered an online portal that consolidates all Automatic Exchange of Information (AEOI) at one place for easier access by financial institutions, departmental officers, and the public.

PC Mody, Chairman of CBDT, inaugurated the portal for exchange of information on the income tax website.

"The portal will not only be useful for the domestic financial institutions but also help foreign tax authorities and financial institutions to get information about Indian laws, rules and procedures related to AEOI under CRS," said an official statement.

The portal would serve as a repository of policies and technical documents issued by the CBDT and also provide access to relevant circulars issued by the regulatory authorities in India as well as international bodies.

Along with domestic financial institutions, the portal would also be beneficial for foreign tax authorities and financial institutions to get information about the Indian laws, rules and procedures related to AEOI under CRS.

In 2015, a legal framework was put in place to implement the AEOI standard. 

A detailed guidance note was released to guide financial institutions, regulators and officials of the Income Tax Department for ensuring compliance with reporting requirements under the Income Tax Act.

The sectoral regulators have also issued essential notifications for compliance by the financial institutions. CBDT also carries out stakeholder consultations to educate financial institutions about their reporting obligations.