{"id":377650,"date":"2026-03-07T17:00:14","date_gmt":"2026-03-07T11:30:14","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=377650"},"modified":"2026-03-20T13:12:26","modified_gmt":"2026-03-20T07:42:26","slug":"finance-ministry-notified-income-tax-amendment-rules-2026-explained","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2026\/03\/07\/finance-ministry-notified-income-tax-amendment-rules-2026-explained\/","title":{"rendered":"Income Tax (Amendment) Rules, 2026: Key Changes to Rules 114-F, 114-G and 114-H"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 5 March 2026, the Ministry of Finance notified the <span style=\"font-weight: bold;\">Income Tax (Amendment) Rules, 2026<\/span>, aimed at modernising tax information exchange, expanding the tax reporting net to cover central bank digital currencies (CBDCs), specified electronic-money products, and crypto-assets, and strengthening due-diligence and reporting obligations for financial institutions.<\/p>\n<p style=\"font-weight: bold;\">Key Points of Income Tax (Amendment) Rules 2026:<\/p>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p>Effective from <span style=\"font-weight: bold;\">1 January 2026<\/span>, the Amendment Rules update the <span style=\"font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9002120450\" target=\"_blank\">Income Tax Rules, 1962<\/a><\/span>, particularly in <span style=\"font-weight: bold;\">Rules 114-F, 114-G, and 114-H<\/span>.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Rule 114-F<\/span> is expanded for all non-U.S. reportable accounts, replacing the term &#8216;financial institution&#8217; with &#8216;depository institution&#8217; and widening the meaning of &#8216;depository account&#8217; to include accounts holding specified e-money products and CBDCs.<\/p>\n<\/li>\n<li>\n<p>New definitions are added, namely:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Central Bank Digital Currencies<\/span> (CBDC): digital fiat currency issued by a central bank.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Relevant Crypto-Asset<\/span>: crypto-assets that are not CBDCs or specified e-money products and that cannot not be used for payment or investment.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Qualified Non-Profit Entity<\/span>: established and operated in India, tax-exempt non-profit with no private benefit and assets restricted to public purposes.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Specified Electronic Money Product<\/span>: a digital representation of fiat currency, issued against funds, accepted by third parties, and redeemable at par.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>The Amendment introduces capital-foundation\/capital-increase accounts with simplified conditions:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>funds must be blocked<\/p>\n<\/li>\n<li>\n<p>verified independently<\/p>\n<\/li>\n<li>\n<p>converted or closed after incorporation<\/p>\n<\/li>\n<li>\n<p>refunds allowed only to original contributors.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>Definitions are broadened to:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>include crypto asset interests as financial assets<\/p>\n<\/li>\n<li>\n<p>expand depository institution to cover holders of e money and CBDCs<\/p>\n<\/li>\n<li>\n<p>exclude crypto exchange services from financial asset activities for non-U.S. accounts<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Rule 114-G<\/span> is revised to require reporting institutions to:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>report the self-certification status of account holders<\/p>\n<\/li>\n<li>\n<p>indicate whether an account is jointly held<\/p>\n<\/li>\n<li>\n<p>specify the role of each controlling person<\/p>\n<\/li>\n<li>\n<p>classify accounts as new or pre-existing<\/p>\n<\/li>\n<li>\n<p>disclose gross proceeds from the sale or redemption of financial assets.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>Institutions will also report the role of equity-interest holders in investment entities.<\/p>\n<\/li>\n<li>\n<p>Reporting will now obtain the Taxpayer Identification Number (TIN) and date of birth for updates mandated under <span style=\"font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002801311\" target=\"_blank\">Prevention of Money Laundering Act, 2002<\/a><\/span>.<\/p>\n<\/li>\n<li>\n<p>For accounts held as of <span style=\"font-weight: bold;\">31 December 2025<\/span>, controlling-person details will be reported only if this information is already available in the institution&#8217;s electronic records.<\/p>\n<\/li>\n<li>\n<p>Gross proceeds will now not be reported under Rule <span style=\"font-weight: bold;\">114-G<\/span> if they have already been reported under the Crypto-Asset Reporting Framework (CARF) for non-U.S. accounts.<\/p>\n<\/li>\n<li>\n<p>Under Rule <span style=\"font-weight: bold;\">114-H<\/span>, the dates for identifying &#8220;other reportable accounts&#8221; are revised to:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>1 January 2016, or<\/p>\n<\/li>\n<li>\n<p>1 January 2026, if the account becomes a financial account solely because of the revised Common Reporting Standard.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>Similarly, the balance-determination cut-off is updated to:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>31 December 2015, or<\/p>\n<\/li>\n<li>\n<p>31 December 2025, where the account is treated as a financial account solely due to the revised CRS.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>The proviso to sub-rule 6(a)(ii) now requires institutions to apply similar procedures to identify controlling persons for non-U.S. reportable accounts when PMLA rules do not require this information.<\/p>\n<\/li>\n<li>\n<p>New clause under sub rule 7, allows institutions, in exceptional cases, to treat new accounts as pre-existing until a self-certification is received.<\/p>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">Sub rule 9 confirms that information exchanged on crypto-asset transactions is only for tax-administration purposes.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">Finance Ministry has notified the Income Tax (Amendment) Rules, 2026, aligning tax reporting framework with evolving global standards for digital assets, electronic-money instruments, and CBDCs.<\/p>\n","protected":false},"author":67525,"featured_media":377651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[100107,100102,42886,100106,35793,100103,30123,3717,100104,43680,100101,100111,100108,100110,100109,89915,100105],"class_list":["post-377650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-carf","tag-cbdc","tag-central-bank-digital-currency","tag-crs","tag-crypto-assets","tag-d-electronic-money-product","tag-digital-assets","tag-due_diligence","tag-e-money","tag-financial-institutions","tag-income-tax-amendment-rules-2026","tag-non-u-s-reportable-accounts","tag-non-us-reportable-accounts","tag-pmla-updates","tag-qualified-non-profit-entity","tag-tax-compliance","tag-tax-reporting"],"yoast_head":"<!-- This site is optimized 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