India Tax Agency Issues Notification on Amendments to Income Tax Rules

The Indian Central Board of Direct Taxes March 5 issued Notification No. 19/2026, amending Income Tax Rules, 1962. The notification includes measures: 1) specifying that depository accounts, other than U.S. reportable accounts, include accounts of electronic money products or central bank currency held for customers; 2) not treating certain depository accounts for electronic money products as reportable accounts if the rolling 90-day average aggregate account balance doesn’t exceed US$10,000 in the reporting period; 3) not requiring reporting of crypto-asset transactions under the common reporting standard (CRS) if reported under the OECD’s Crypto-Asset Reporting Framework (CARF); 4) treating accounts that are ...