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India: Updated guidance note on FATCA and CRS

Guidance notes on reporting and cryptoasset reporting obligations

July 31, 2026

The Central Board of Direct Taxes (CBDT) issued a revised guidance note on FATCA and CRS, superseding an earlier version updated on November 30, 2016.

The revised guidance note is intended to help reporting financial institutions comply with FATCA and CRS reporting obligations under the Income-tax Act, 2025, the Income-tax Rules, 2026, and the OECD’s CRS 2.0 amendments relating to cryptoassets, specified electronic money products (SEMPs), and central bank digital currencies (CBDCs).

Key developments include:

  • Data quality and importance of tax identification numbers (TINs)
  • Recognition of government verification services as an additional due diligence tool
  • Expanded reporting obligations relating to controlling persons and trust-based investment entities
  • Introduction of significant non-compliance framework

The guidance note also includes a comprehensive set of FAQs to promote an understanding and application of FATCA and CRS requirements across reporting financial institutions.

The CBDT also issued a separate guidance note on cryptoasset reporting obligations, providing detailed guidance on applying the FATCA and CRS frameworks to cryptoassets, SEMPs, and CBDCs in India.

Read a July 2026 report prepared by the KPMG member firm in India

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