CBDT Amends Rules 114F–114H for Crypto Reporting
- Blog|News|Income Tax|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 7 March, 2026
Latest from Taxmann
G.S.R. 158(E), dated 05-03-2026
The following are the key amendments that have been introduced in the Rules:
a) The definition of the term “central bank digital currencies” has been inserted in the Explanation to Rule 114F(1)(a).
b) The threshold limit of USD 10,000 has been inserted for the depository account, which represents all specified electronic money products held for the benefit of a customer.
c) The term “financial asset” has been amended to include any interest (including a futures or forward contract or option) in a relevant crypto-asset.
d) The definition of the term “depository institution” has been amended to include an entity that holds specified electronic money products or central bank digital currencies for the benefit of customers.
e) The term “exchange transaction” has been defined to mean any exchange between relevant crypto-assets and fiat currencies and any exchange between one or more forms of relevant crypto-assets.
f) The term “relevant crypto-asset” has been defined to mean any crypto-asset that is not a Central Bank Digital Currency or specified electronic money product or for which the reporting crypto-asset service provider has adequately determined that it cannot be used for payment or investment purposes.
g) The term “Specified Electronic Money Product” has been defined to mean any product that satisfies the following criteria:
1) A digital representation of a single fiat currency;
2) Issued on receipt of funds for making payment transactions.
3) Represented by a claim on the issuer denominated in the same fiat currency;
4) Accepted in payment by a natural or legal person other than the issuer; and
5) Redeemable at any time and at par value for the same fiat currency upon the holder’s request.
Click Here To Read The Full Update
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
