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Mar 13, 2026
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Banks to seek more details from account holders under amended Income Tax Rules, 1962; check what new information you may have to share
A new amendment has been made to the Income Tax Rules, 1962, which now requires banks to collect and report more detailed information on account holders and controlling individuals.
Specifically, financial institutions must now provide additional information regarding reportable accounts. This includes the status of self-certification, details of joint accounts and the number of account holders, whether the accounts are classified as new or pre-existing, and the role that qualifies someone as a controlling person for entity accounts.
The Central Board of Direct Taxes (CBLT) has notified three new amendmen to Income Tax Rules, 1962. CBDT Notification (No. 19/2026) dated March 5, 2026 said that three tax rules (Rule 114F, 114G and 114H) have been amended line with Foreign Account Tax Compliance Act and Common Reporting Standard in India.
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