India has revised the income tax rules to broaden the scope of financial account reporting from this year.

The updated framework will cover crypto assets, central bank digital currencies (CBDCs) and specific electronic money products.

The Central Board of Direct Taxes (CBDT) has formally notified the changes, according to an Economic Times report.

The definition of “financial assets” was expanded to include CBDCs and a range of electronic money instruments within the tax reporting net.

It now captures income streams such as interest linked to crypto and crypto-related holdings, reflecting a move towards fuller tax reporting of digital asset activity.

Under the changes, crypto asset service providers and certain…