Rule 243 - Reporting requirements for crypto-asset transactions

Reporting requirements for transaction of crypto-asset under section 509. 243. (1) For each relevant calendar year from 1 January 2026, a reporting crypto-asset service provider shall maintain and report, for each reportable user (or entity with a controlling person who is a reportable person): the reportable user's name, address, country(ies)/territory(ies) of tax residence, TIN(s), and (for an individual) date and place of birth (with all countries/territories reported where more than one applies); for an entity with reportable controlling persons, the entity's own identifying details plus each controlling person's identifying details and controlling role; the service provider's own name, address and PAN; and, for each type of relevant crypto-asset, detailed aggregate figures (amount, unit count, and transaction count) separately for: acquisitions and disposals against fiat currency; acquisitions and disposals against other crypto-assets; reportable retail payment transactions; other transfers to and from the reportable user (by transfer type where known); and transfers to wallet addresses not known to belong to a virtual asset service provider or financial institution. (2)-(4) A TIN need not be reported where the relevant country does not issue one or does not require its collection; place of birth need not be reported unless otherwise required to be obtained; and every reported amount must identify its fiat currency. (5)-(7) The statement of relevant transactions under section 509(1) shall be furnished in Form No. 167 for each identified reportable user or controlling person (a nil statement where none are identified), by 31 May of the following calendar year. (8) Detailed valuation and conversion rules apply: fiat-currency amounts are reported net of fees, converted to Indian Rupees at the telegraphic transfer buying rate on the transaction date; crypto-to-crypto values are reported net of fees at fair market value in Indian Rupees, determined via the provider's own crypto/INR trading pairs, or (in a difficult-to-value case) via the value of the crypto-asset exchanged against it; merchant-payment customers are themselves treated as reportable users alongside the merchant, without double-counting; wallet-address transfers need not be reported where the provider knows the counterparty is a recognised virtual asset service provider or financial institution (though external wallet addresses must still be retained on record for at least seven years); and fair-market-value determination for transfer-type reporting follows a specified fallback hierarchy (trading-pair reference, then internal book value, then reliable third-party aggregator prices, then the provider's most recent valuation, then a reasonable estimate) with the method used disclosed in Form No. 167. (9)-(10) The statement shall be furnished to the Director or Joint Director of Income-tax (Intelligence and Criminal Investigation) via online electronic transmission under digital signature (issued by a Controller-of-Certifying-Authorities-authorised Certifying Authority), per the data structure the Director General of Income-tax (Systems) specifies. (11)-(12) Every reporting crypto-asset service provider shall communicate its Designated Director's and Principal Officer's details to the Director General of Income-tax (Systems) and obtain a registration number; the statement shall be signed and furnished by the Designated Director (or, for a non-resident provider, a person holding that Director's valid power of attorney) - with "designated director" and "principal officer" defined in the same manner as under rule 237(9).