Banks to seek more details from account holders under amended Income Tax Rules, 1962; check what new information you may have to share

New Income Tax Rules, 1962, mandate banks to gather extensive details on account holders and controlling individuals. This includes self-certification status, joint account specifics, and the nature of control for entity accounts. These changes, effective January 1, 2026, align with global standards like CRS and CARF, impacting reporting of traditional and digital assets.

from Tax-Wealth-Economic Times https://ift.tt/fwiWbQT