Quick Summary
The Central Government has notified the Income Tax (First Amendment) Rules, 2026, introducing important changes to the Income Tax Rules, 1962 . The amendments were issued by the Central Board of Direct Taxes (CBDT) through a notification published in the Gazette of India. The new rules expand the s
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FAQ :
The Income Tax (First Amendment) Rules, 2026, are effective from 1st January 2026.
Financial institutions must now report holdings in relevant crypto-assets, central bank digital currencies (CBDC), and specified electronic money products.
CBDC is defined as digital legal tender issued by a central bank.
Financial institutions need to report whether the account holder provided a valid self-certification, if the account is joint and the number of holders, and the type of account (pre-existing or new).
The amendments aim to improve transparency and compliance in financial transactions, strengthen tax transparency, information exchange, and financial monitoring.
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