Tax dept puts out guidance note on crypto asset reporting aligned with OECD framework: What this means

The Central Board of Direct Taxes has released a 198-page guidance note on crypto-asset reporting obligations, aligning India’s tax reporting framework with the Organisation for Economic Co-operation and Development’s (OECD) framework.The measure puts the onus on crypto exchanges to report all transactions accurately and in detail, while helping countries to undertake automatic exchange of information regarding crypto asset transactions starting next year.While there is no additional filing requirement for taxpayers under this guidance note, experts say the importance of accurate reporting and documentation has increased considerably because tax authorities will have greater access to transaction-level information.The framework is expected to bring tax transparency to the crypto-asset sect