We are creating some awesome events for you. Kindly bear with us.

India Launches Income Tax Information Portal

India Income Tax Information Portal
Image credit: Press Information Bureau of India

In an attempt to reach out to financial institutions and account holders, the Central Board of Direct Taxes has created an exchange of information portal on the income tax department website for the dissemination of information to all stakeholders.

The Chairman of the CBDT, P.C. Mody, inaugurated the web portal earlier this week.

According to a press release, the India income tax information portal consolidates all Automatic Exchange of Information (AEOI)-related data in one place for convenient access by financial institutions, departmental officers, and the general public.

India committed to exchange financial account information automatically in 2017 under the Common Reporting Standard (CRS) on AEOI.

The CRS was developed in response to a G20 request and approved in July 2014. According to the Organisation for Economic Co-operation and Development, it calls on jurisdictions to obtain information from their financial institutions and report this to their tax authorities annually.

The reporting is done for a range of financial products, by several financial institutions, including banks, depository institutions, collective investment vehicles, and insurance companies.

The web portal will also be a repository of policy and technical circulars, guidance, and notifications issued by the CBDT.

It will provide links to relevant circulars issued by the regulatory authorities in India and other international bodies. The portal will not only be useful for domestic financial institutions but will also help foreign tax authorities and financial institutions get hold of information about Indian laws, rules, and procedures related to AEOI under CRS.

To implement the AEOI standard, a necessary domestic legal framework was put in place in 2015.  A comprehensive guidance note was released on 31 August 2015 to guide the financial institutions, sectoral regulators, and officers of the income tax department to ensure compliance with the reporting requirements under the Income-tax Act and Rules.

The sectoral regulators have also issued necessary notifications and circulars for compliance by the financial institutions. Stakeholder consultations are also carried out by CBDT to educate financial institutions about their reporting obligations.

The government’s comprehensive note said that India would work under the CRS to combat the problem of offshore tax evasion and avoidance and stashing of unaccounted money abroad.

India also joined the Multilateral Competent Authority Agreement (MCAA) in 2015 to exchange information. By August 2015, 93 jurisdictions had committed to exchange information as per the new global standards, 58 of them from 2017 and the balance 35 from 2018. 61 of the 93 jurisdictions also joined the MCAA.

CBDT is a part of the Department of Revenue in the Ministry of Finance. CBDT provides essential inputs for policy and planning of direct taxes in India and is also responsible for the administration of direct tax laws through the income tax department.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend