Government Broadens Tax Reporting Requirements for Crypto Assets and Digital Currency Accounts

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Govt Expands Tax Reporting: Crypto Assets, Digital Currency Accounts Now Covered

India has brought in certain crypto-assets within the definition of financial assets and requiring their reporting under existing financial account disclosure mechanisms.

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Storyboard•06-03-2026, 10:17

Govt Expands Tax Reporting: Crypto Assets, Digital Currency Accounts Now Covered

•Centre amends Income Tax Rules, 1962, expanding reporting for financial institutions to include crypto assets, CBDCs, and electronic money products.
•Amendments notified by Ministry of Finance on March 5, 2026, effective retrospectively from January 1, 2026.
•Reporting scope now covers relevant crypto-assets (including derivatives) and digital currency products; depositary accounts include CBDCs and specified electronic money.
•Financial institutions must report additional details like self-certification, joint account info, account type, controlling person role, and gross proceeds from asset sales.
•Aims to align India's standards with global tax transparency frameworks, allowing avoidance of duplicate CARF reporting.

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